8am EST The action was somewhat confusing yesterday. We had every reason to go lower and we didn't. The retail sales number was weak. Wal Mart didn't blow numbers out of the water. The overall sentiment was weak, yet the market still headed higher.
What does this mean? I think we need to allow this market to work itself out a little. It makes me think that long term, the market is beginning to show some signs of health. It does not make me short term bullish, but the fact that we did not drop significantly lower makes me feel long term bullish.
I am going to stay heavily in cash today because the market is not in a good trend one way or the other. I will look for signs of direction and individual sectors that show strength. I am personally focused on the agriculture sector for now. Until next time, stay low risk..
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