I have, since 6:30 a.m., been cutting back on positions and taking profits.
I get a lot of emails from readers with all kinds of opinions. Many of them are very well constructed, and many of them contradict one another. Added to this, I read a handful of sites that I respect. There really is no consensus at all right now.
Generally speaking, what I tend to agree with these days is that we're going to head into a "C" wave upward to as high as 1325 or so on the S&P. At that point, all hell is going to break loose to the downside. (Many have tried to talk me out of Elliott Wave, but I'm still a believer). So I'm positioning myself for that, which means I'm taking profits wherever I think there's a risk for a bounce, and I'm tightening up my stops everywhere else.
So I'm sitting on an increasingly large amount of cash, and there's definitely a part of me that would like to see the S&P get strong and make its way higher.
