Toni Hansen is still leaning towards more of a continuation to the correction off highs into Thursday. The Dow is likely to continue to show the most relative strength.
Continue to pay attention to upcoming earnings reports for momentum moves and use caution on entering new day trades into the 10:00 ET new homes sales numbers and the 10:30 ET crude oil inventories.
Toni Hansen urges greater caution ahead of the weekend as she expects risk to remain higher on Friday given the extension of many of the stronger stocks made earlier in the week.
The market is still more bullish on the daily charts heading into Thursday, but Toni Hansen doesn't think it has corrected enough yet intraday to offset the rally into the day.
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