Stocks are down significantly today, which may lead to the first triple-digit drop for the Dow this year. All three major indexes are down well over 1%, with the NASDAQ leading, down over 1.6%. Technically speaking, we have broken down through the breakout zone on heavy volume, which is a short-term negative. Investors may react in the very near-term with some buying, thinking that this is a good opportunity to get in, so we could see a quick bounce this week. However, as I have been writing, I believe we are due for at least a 10% pull-back, so I am sitting on my 50% cash position for the time being.
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