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Market correction ahead

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TEXT OF STORY

SCOTT JAGOW: You know, the Dow hasn't had as much as a two percent dip since last July. That's the longest stretch since the 1950s. I'm sure on Wall Street they're saying, if that's wrong, I don't wanna be right. But they still call it a correction for some reason. Here's Ashley Milne-Tyte.


ASHLEY MILNE-TYTE: The market's due for a correction any day.

So says Mark Arbeter, chief technical strategist at Standard & Poors.

One indicator? He says lately, there's been 50 percent more volume going into the Nasdaq than the New York Stock Exchange over a three-week period. And when the same thing's happened in the last few years . . .

MARK ARBETER: That's led to fairly decent sized pullbacks and corrections of 7 to 8 percent in the S&P 500 and 13 to 17 percent in the Nasdaq.

But Al Goldman, chief market strategist at A.G. Edwards, is more optimistic.

AL GOLDMAN: The market has had a long trip, but I do not see the irrational exuberance that you normally see when a market has gotten to a level where a correction is imminent.

He says a correction will come, but only when it's least expected.

In New York, I'm Ashley Milne-Tyte for Marketplace.

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