US Mkt in correction

Still tracking IBD's market direction calls. Even doing nothing now, I may want to position trade in years to come.

IBD flagged market under pressure on 12th Nov, due to the build up of distribution days (Dow 5, NYSE 4, ):

"Avoid trying to predict the market's next move. The next step could be a correction or a resumed uptrend. The past 12 times IBD termed the market outlook as "under pressure," the next move was to correction six times and to resumed uptrend six times."

Then 'in correction' on Nov 16th:

Recent history shows no consistent pattern. In four of the past six cases, the Market Pulse's outlook remained at "correction" for nine sessions or less. In two cases, the correction label stuck for four or five weeks.

The market was overbought, and ready for a correction. Lets see how far it goes.

[Update: 12-Dec-10]
Uptrend resumed on 3rd Dec, even with no FTD, due to the strength of market leaders and market depth. No breakdown yet.