Dave Landry's Market in a Minute - Tuesday, 4/12/11
The market was soft on Monday. This action has the Ps and Quack stalling short of their prior multi-year highs. These indices are beginning to take on a double top appearance. As mentioned recently, I would have much preferred a breakout to new highs first and then a correction.
As usual, take things one day at a time and avoid any big picture predictions.
So far, most sectors remain in solid uptrends and have only pulled back at worst.
However, in light of the fact that the market is losing steam, you might want to focus mostly on commodity related areas since they can trade contra to the overall market.
Futures are getting whacked pre-market so regardless of what you do, make sure you wait for entries. And, as usual, practice proper money management on existing positions.