Whippy Action

The rally today begets all sorts of questions as to whether today really had any legs and staying power. I think a compelling argument, for a short term trade, could be made in either direction. Obviously my concerns are longer term. While I have been saying all along that a big rally with no fundamental basis could come at any time I admit I’m not sure if that is what is next or not. I have only made a few defensive changes so I will capture most of a monster rally if it comes.

That is the point, I’m not sure what’s immediately next. I don’t think things have changed much but I don’t have everything riding on only one outcome.

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