Market remains in correction

"Despite gains the past two days, the market remains in correction mode. That means stock purchases should be avoided until a major index triggers a follow-through day.
A follow-through involves a significant index gain in increased volume. It can't occur until the fourth day or later of an attempted rally.
An attempted rally begins with the first up day after the market goes into correction. The count continues as long as the index doesn't undercut the prior low.
The past two days of gains, therefore, constitute a rally attempt"
IBD today quote

Market Enters Correction and New Ideas for Health Care Reform

IBD shows 5 distribution days and market in correction. I will sit this one out except for precious metal stocks. I suggest you watch the Asian markets closely for signs of possible financial panic. Too many people I know have lost jobs and two income families are struggling to get by on one paycheck.

I have been advised that once I become a RIA that I should discontinue this blog.

I plan to take the test in October. I am starting to adapt to my slowing down. I am training for a 5K run and plan on opening a wealth management office soon.

Today I jogged 1 1/2 miles and walked 1 1/2 miles. My USGA handicap index has dropped to 12 and my range of motion massage in the middle the afternoon was a far cry from my usual day in the O.R. doing 10 to 12 cases and then seeing 30 patients in the office--making a trip or two to the E.R. and taking night call every other night. My wife has a sign over our garage entrance that says, "a golfer and a normal person live here."

Last week my retirement party was a wonderful celebration of my life as an ENT surgeon--all 4 of my colleagues I practiced with attended and 60 other friends including my hospital CEO (retired) who made some very kind remarks about my contribution to our hospital.

My visit to Phoenix to the Barrow's Neurological Institute was very rewarding. A change of medication and a very good report otherwise. I wake up each morning grateful for having served in a "helping profession" and grateful for new challenges and trails to explore. I am taking a lot more time watching the river birds each morning outside my Arkansas River room and boat dock. My artifical putting green and swimming pool have finally been utilized the way I had intended them to be used. I will travel to my beloved Horse Shoe Bay Texas home soon for some Texas Hill Country golf when the weather cools.

I have a simple solution for health care reform--outlaw all medical advertising including pharmaceutical ads aimed at the consumer--make all insurance portable and expand medicaid coverage to all uninsured but use private insurance and individual and group medical practitioners in a Coop fashion. For those that say this is too simple a solution I say we did it before with tobacco advertising and the savings would be much better spent providing health care for the uninsured. I am not politically naive--I helped the AAOHNS andthe ACS form their political action groups. When Clinton was in office I visited with Hilary's Reform team about "MY Arkansas Plan for Health Care Reform." I much prefer capitalism and the free enterprise system and a "SEC Type" oversight would be much preferable than a massive Federal System--look how they have screwed up Social Security and the Post Office and now we trust our Government to run all of health care? Very few knowledgeable physicians or nurses would choose an inner city government run hospital over a well run Cleveland Clinic or Mayo Clinic or MD Anderson.
Email me at pwills@cox.net if you have inovative solutions and cost savings for a "privativation of health care".