Well, we’re essentially through the earnings season and it was generally unimpressive. Oil continues to slide making investors ask ”is the commodity play done?” There is a lot of cash on the sideline looking for a home. IMHO the smart money is looking to dump their stock positions to the not so smart money crowd before the next leg down. The dumb money is seizing the apparent opportunity to go long and they don’t want to miss the train. I’m just not sure that they are on the right track. There are still just too many headwinds in the market. I’m not convinced that we’re ready to shake this bear market. We could continue with this bear market bounce, but I don’t believe it has much conviction. Non-directional strategies selling premium or hedged stock positions seems prudent at this time. I caution you not to be too anxious to jump “long” into this market until it proves itself. If you are a “technical trader” it is important to watch how the market reacts at key support and resistance areas. Make sure that your position has room to run. In other words, don’t go short just above strong support or long just below strong resistance. Be patient and do you due diligence. Robin

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