Well, we had a one week repreive last week where we went up Monday. Other then that we've been going down nearly every Monday, even in this rally, only to reverse Tuesday.
Good shot we get same reversal action today/Tuesday, though not sure about anything here this second, we are really iffy either way. I think we might get another push higher here or before next week up to the 940s to 950s area and if that happens I think we'll get a decent wash. Monday we saw the market gap down and bounce on a nice gap bounce and then roll over again to finish near the lows after Meredith Whitney reiterated the obvious, the banks are absurdly priced and have no real way to sustain these levels longer term. While its impossible just to arbitrarily short and pick tops, I don't think you can do much of anything but trade here either way until we get a clear move up or down. I would lean short, but again, I think good shot we get another push higher before a real roll over of any magnitude. When in doubt, just stay out is always my motto.
In the meantime, we shall just have to see what shakes out. It's days/moments like these when things aren't clear that you have to protect your capital at all costs. Worst thing to do is take trades you are iffy on just to trade. Better to be patient and wait for the market to tip its hand.
Market has rallied very hard very fast. Its interesting, though, because the selloff Monday was on really light volume, so its not like people are in a rush to sell here and cash out. So, again, we're just in an iffy space and patience is key. Very very key.
That's all I have to say, I'm beat and hitting the hay!