Market in correction (6/22/09)

Today's drop was the continuation of the correction in bull market. The next support level for S&P is around 874-887. It's supposed to be a strong support because it's an area where 季線and previous consolidations meet. If market can drop below that, then bull will be in deep trouble. Last Friday I cleared out all my positions because all signals were telling me to bail. Sorry, I was too busy to update my blog. Anyway, I'll wait on the sideline patiently till this correction is over. I particularly look for the market to form an intermediate bottom for me to get in. Keep in mind, this is the bull market. So I won't do any short because the market can make technical rebound to take out the shorts anytime.