IT IS ALL ABOUT PATIENCE

Futures are indicating a moderately lower open this morning.

There is still no crystal clear indication of just where this market is heading, and we would really like to see the S&P500 gain some upside momentum. Yesterday provided an okay bounce in the most oversold sectors, energy, materials and financials, but there was sort of a lackadaisical feeling from the Bulls.

The overall trend, of course, has been lower, and we must respect that trend until we see signals that conditions have changed. Quite possibly, the market is simply going to churn here for a while. Without some positive news flow, it may well churn for a bit and then take another leg down.

Investors would most certainly like to hear some positive news from Washington. Folks would especially like an improved jobs report -- and, of course, talk of another stimulus package has them on edge.

It is times like these that make our job so difficult – the tendency is to want to do something, but wisdom dictates doing little to nothing at all. It is all about patience and waiting.