Just a tease

By any means, today's gain can not be classified as anything but a tease.   We did manage to break out of SPX 950 for a couple of hours but ended up giving up most of the gain at the end.   This is exactly the sort of pop we are reluctant to chase into.   At the end, nothing has changed and we are still back within the trading range.    We wouldn't read too much into today's action though.    There wasn't any major positive catalyst that can propel the market higher so we basically ended flat.

Afte reviewing many of the charts on our watchlist, we feel that many plays can use a pullback before they can move any higher.   This further gives us reason to consider buying stuff only on dips as oppose to chasing things in a reckless fashion.  

Newsflow is slow today other than the "much talked about" 30 year treasury bond auction, which went really well.   There isn't much news to look forward to tomorrow either so we are expecting a quiet day as well.   As we have said in the past few journals, we are being patient and are letting price come to us.   There's simply no rush to anticipate a huge move at this point.