IBD admits they were wrong
"In Tuesday's Big Picture, IBD judged the market to be in a correction based on five distribution days in the S&P 500 and negative action in leading stocks.
In most cases, this precedent leads to a worsening in the market. Yet, the indexes have rebounded and climbed to new highs, proving us wrong. It is pointless to argue with the market, which is why today's Market Pulse reflects the fact that the uptrend has indeed resumed.
With the market in an uptrend, purchases of fundamentally strong stocks can be made as they break out of sound bases or other bullish chart action.
Keep in mind, though, that there's reason to be cautious. As The Big Picture noted last week, past bull markets that followed major bear markets often faced bigger intermediate-term corrections than what we have seen so far in the current uptrend."
In the past,it has never paid to argue with Investor's Business Daily. It has always proved financially painful to do so. However, it is good to see that they admit when they are wrong unlike other market pundits who shall remain nameless, but we all know who I'm am referring to.
The S&P 500 is 52% up from it's March 9 low. It appears the market is really over extended and overstretched at this point, but that doesn't mean it can't become even more over extended and more overstretched.