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You'd think I would be happy. (Tim? Happy? Are you kidding me?) After all, a hugely positive jobs report came out, and in spite of this, as of this writing, the /ES is down 17+ beautiful points. The bulls have had the rug yanked from under them.

However, as some of you know, the past six months of psychological torture have taken their toll, and I've become cautious in my old age. My portfolio is only 50% committed, and 17% of that is in long positions. In other words, I'm benefiting from this downswing, but the benefit has been severely watered-down by my newfound conservative nature. After all, just yesterday was the biggest day for the bulls all year. So caution is, hopefully, understandable.

In any case, the wedge is our friend, and if we can manage at some point to get beneath February 24th's lows, we've broken the uptrend for sure.