MARKET UPDATE

We have no clear direction today. The indices have been bouncing around all day. Red one minute, green the next. The Bears are shell shocked from the drubbing they took yesterday. Meanwhile, the Bulls are still in recovery from the massacre from last Tuesday through Monday. Neither side wants to push their advantage. I will pay attention to the markets 2:30 EST onwards to get a sense of where we are heading. In periods of indecisiveness it pays to be fully hedged or in cash. You do not want to be caught leaning the wrong way as a lot of bulls learned last Tuesday (and many bears learned yesterday).