Snap

Friday saw a positive reversal in the afternoon as the market came off its lows and rallied into the close.  This morning S&P and NASDAQ futures are up as it looks like the buying will continue.  The one gloomy spot is Boeing dragging the DJIA down due to the horrible African air disaster.

Last Thursday volatility spiked.  On Friday, when the volatility reading hit numbers matching Thursday's, the buying kicked in on the indexes.  It looked like program trading -- as in IF volatilty hits 20%; THEN buy.  

We'll be watching to see if this one week droop after ten solid up weeks is over now or if the snap back rally Friday is just a tease.

For now, we are staying at 100% invested.