“The stock market has recovered so sharply for so long, you have to assume somewhere along the line we will get a significant correction.”
I know I've been harping on this for awhile now, and although today creates some vindication for my own personal positions on the state of the market, we're far from a correction, at least today. If today is the start, it's a fairly middling one. Personally, I believe we'll have a few days of intraday surges and declines and we'll generally wobble through September.
If I'm a betting man, I predict September to keep moving sideways, allowing options traders like myself ample room to collect premium.
If you're reading this, make sure you don't take one side of the market exclusively. You'll be surprised either way and it won't be pretty for you. Hedge hedge hedge.
Read the Greenspan article here.