Wednesday saw a nasty reversal downward in the afternoon that didn't appear to be news driven. This morning futures were up but reversed downward when the Q1 GDP number was revised from 2.2% to 2.0% A reversal on a number that is the very definition of old news looked very curious.
We are sticking to our 25% cash position and, while we aren't in a full-blown correction, we are in a dip at least right now.
Fear measurements show us getting close to a level that will trigger a contrary indicator, that is, everybody is getting out so it's time to buy. But we aren't there yet.
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