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Basing pattern of Gold and Bond (risk off) assets should not be ignored. Usually bond market knows better than equity market. It might mean that there are some deeper correction coming in next few weeks. I still think that "Sell in May" means more this yr than ever. Maybe "Sell in Apr" would be in play.
It is not time to be aggressive but to be very cautious.
Cramer usually says that "There are bull markets somewhere". It also means "There are bear markets somewhere too". The bull market might be in Gold and Treasury now (YTD return outperform S&P), and S&P going no where this yr.
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