DJIA Daily Tue 16-Nov-2004

The market finally had a down day, going 62 points lower. Again, my initial feeling that we were near the top seems to be vindicated, although only a few more down days would confirm it. If I were still long, taking profits would seem to be a good idea, before giving back a lot of the gain. I'd be very surprised if tomorrow were an up day--I think this is the beginning of a downtrend, or correction, at least. Tomorrow will tell.