a bounce today ...

Good morning.  A quick pre-market note in case you are thinking of putting money in the market today…

Well, as I said in my email yesterday, we are getting the bounce that I said would be coming soon … this morning in pre-market hours we are up roughly 0.35%.

I would be really surprised if the gains we see right now hold through the day though.  I’m still very suspect at this point.  Any upside will most likely be met with selling from people wanting to get out of their losers as well as people wanting to add to their short positions (‘buying the dip’). 

With that said, most corrections in the market are contained within an 8% loss and as of yesterday we have lost 7.51% from the top on 7/7/2011.  So … if this is going to be a ‘minor’ correction, we might be at a short term bottom. 

I let the market lead and I follow, so for now I sit in cash … wait and watch and let the market tell me which way it wants to go.  We certainly will have a better idea at the end of the day.  Trying to get a jump on a rally is just asking for trouble, “When the wind is at your back ATTACK, in your face disgrace!”

Have a great day wherever you are …