Under Attack

Big picture: we are literally perched on the precipice. This market has no margin for error here. A couple bad news items and we are going over the edge. With earnings season coming up we'll have no lack of news. The outlook for the upcoming year will be what market participants are listening for. How good can the outlook really be?

In the meantime this is the bulls last chance to turn this thing around. We are now bouncing for the second day in a row. Today is a bit more convincing than yesterday.

I am net short again. Haven't done much this morning other than give some profits back. I've trimmed a bit but I'm trying to hang in there. Although if this market is going higher short term I will be forced to take cover. Hesitating to do so is a mistake I cannot afford. The profits I've made are mine and I will not give them back.

Let's see what the bulls can muster.