This is just me--
I've been sitting on a big cash position for weeks now, and Im waiting for the index to go back to 7400 before entering big again. Why 7400? That was a previous "double-top resistance" as TA believers would call it. That's also the point where we'll lose -10% from record high. A bounce is what I expect from there.
The thing that's worrying though is the consistent foreign-selling, which is happening for weeks now. Do not forget that the foreigners can bring down our market by -20% in a few short days. If that happens again, we'll see ourselves nearer to 6000 in no time.
Yes, this big dip happened in 2013, because there was a major pronouncement from the Bernanke and the FED. When you think about it, there might be another announcement coming soon. Just keep in mind that the foreign funds will be ready to exit mercilessly any time they see "better" use for their money.
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