~>As of Friday, IBD has officially changed their market outlook to “Market in Correction”. Friday marked the 5th major distribution day in the last month and volume has been substantial during the recent downturn. The market has also moved through the 50 day moving average. On a more micro basis IBD is growing increasingly concerned about specific leadership action. Many of the best performing names have begun to underperform on a relative basis. All of this adds up to a “market in correction” – IBD’s most cautious investment outlook.
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