For all his TA mumbo jumbo michael scott has to be the worst market forecaster/stock picker/trader ever. Not once has he been correct about anything.
Truly delusional and a legend in his own mind. Yet another individual that does not trade for a living. If he did, he would be "bankrupt" and living at home with Mommy and no Internet service. Hmmmmmm. Perhaps that is where he is now, but Mom doesn't know that he "plays" on the Internet after she goes off to work in the morning . . .
How "big" though will this correction have to be to make it look really "bad"? The Dow is up 11.6% this year. The S&P 500 is up 9.5% for the year. The Nasdaq is up nearly 12% on the year. "Normal" (considered by many ~ at 10%) still puts everthing up a bit; at worst, breakeven to 1/1/07 sans the S&P which would only be off a hair...
DOW is pretty much guaranteed to fall hard Monday. Will they say profit taking? Due for a correction? Something out of China? Or the irrational exuberence continues and cuts like a knife through 14k. Interest rates really need to go up btw.