Counselor! Come Out, Come Out, Wherever You Are

The correction appears to be reasserting itself this afternoon.

It is often said that bearish tapes tend to open strong and finish weak. We sure have seen a good deal of that type of price action in recent weeks.

I took off another chunk of my UNP short inside 12631 earlier to lock in gains, mainly because earnings are later this week.

However, my thesis that the holdouts in this market will succumb to the selling in the leaders remains intact, namely in the semis, financials, transports, and Dow Industrials. You can run, but you usually cannot hide in a real correction, which we have not seen since 2012, at least.

More on my video market recap after the bell.

See you there.