Written by: Arthur Daret
7/24/2008 9:25 AM

The major indexes have posted nice gains. Financial stocks in-particular have done well along with REITS. Energy shares have been hit hard as oil prices have fallen over the past few weeks.

With areas of overhead resistance approaching for many financial stocks and the indexes in general, we'll probably need to see some pause and consolidation for awhile. While this occurs, I'd like to see stocks form good bases and see stocks close off of their lows. In addition, I would like to see new leadership emerge. When stocks get as overextended as they are now on a short term basis, it's unrealistic to expect them to continue moving higher at that current rate.

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