Judging from the pre-market futures, it looks like we did the right thing by selling our shares of WYNN on the close yesterday.
The futures are off their lows, but still more than 90 points below fair value. This is a nasty reminder that the correction is not over yet. Do not let yesterday fool you, there is still more to go to the downside.
Semiconductors were downgraded today. Other tech sectors have been taking it on the chin as well as traders take profits. Homebuilders, banks and many other sectors that have been leading this market are getting hammered. Do not assume that these sectors will lead the market in the next rally. Look around and see which sectors are holding up best right now, they will be the next leaders.
We view this dip as a buying opportunity, but be patient and wait until the market shows signs that the correction has ended. Yesterday's wimpy rally is not such a sign.
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