While yesterday the Bulls did step up to the plate to protect that S&P 500 support line of 880 that we had drawn in the sand, there is still not a clear signal of where things will go from here. Will we rest here and have satisfied the Bears that enough is enough -- or is this just a set-up for a rest and then another leg down?
Without clear signals, you know where we stand. Our choice is always to protect capital, and we can live with not trying to time an entry to the exact bottom of a move down. Having said that, we, of course, are keeping a sharp eye on some charts, looking for what we believe to be good entry levels -- and if we do make any moves, they will be tiny until we have greater confidence.
Beyond that, there is not a lot of news/announcements expected today -- which could help the market settle in here.
We obviously prefer having pretty clear signals for action to take. And it makes for a more interesting daily post when there is something to say beyond that we are staying patient and sitting on our hands. But patience is rewarded, and doing something just to do something rarely turns out to be a good thing. So today we will just keep our eyes focused on all of the usual signals that we have mentioned here so many times before.
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