It seems the bad economy and battered markets are all anyone is talking about, which in itself is probably a (very short term) bullish signal. In a market like this, I'd never try to ride those little waves up. I'd rather just update my stops and stay put.
Looking at the IWM over the past 60 days, it's been making a push toward that next Fibonacci level down, but visually it doesn't seem to quite have the "oomph" to crack through. I think it's more likely we get another little leg up before we get our pitching arm tuned up for that throw.
I have no equity index positions at all right now. What would entice me would be a climb toward that 66.75 level on the IWM. I think that's the current line in the sand between the bulls and the bears. A relief rally toward that level would drop the risk enough for me to feel comfortable.
For the moment, my bearish plays are heavily weighted in oil- and gold-land. I'll be in back-to-back meetings today, so I won't be in the comments section, but good luck, and I'll see you at some point after the close (perhaps on the late side).
