Watch the Action

You don't have to buy every dip. You don't have to make a trade every day. The market will present buying and selling opportunities every day. It's easy to feel left out, but sometimes it's better to take a seat on the bench, watch the action and gather information, so when you do get back into the game, you will be better informed to make decisions and take action. We are now a little less than 5% from the recent highs to the low of the SPDR S&P 500 (SPY). This is a tough position. The SPY seems like it destined to tag $160, but I don't think it will break through that area, at least not on the first crack.

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