Sometimes the wisest thing you can say is “I don’t know.”
That would sum up my opinion of the markets today.
I will be taking a fairly defensive position and moving the majority of my holdings to cash until I see some clear direction.
The NYC transit strike will make this a very difficult trading day.
The only positions I am probably maintaining are some shorts on oil (following the Valero Rule – see right link), a call on Apple and I will look to pick up MWD below $58.
Markets may turn up today but I would have to see a full retrace of yesterday’s losses to go long at this time.
Good trading,
– Phil
