DJIA – Dow Industrial Average (Last:16,437)

The year has not exactly started out with a bang for bulls, and so the suspicion grows that stocks will have to go lower before they can resume their wonted wilding spree, soon to enter its sixth year. A logical minimum target for the correction is 16067, where the most recent rally leg took uninhibited flight. We just missed buying puts in DIA on Friday, but we’ll keep trying, especially when the apparent heaviness in this vehicle lets up every so often for an hour or two.