Risk vs. Reward not favorable

The market meandered its way higher today. Breadth was slightly positive and the volume was light. The Semis were the clear leader up 1.2% yet the Small Caps were flat. The strong performance from the Semis were most likely due to anticipation from CSCO in technology land. However, despite the strong Semi performance, the Dow still managed to outperform the NAZZ. That's good??? NOT!

After the bell CSCO reported almost exactly inline however the guidance was questionable. DIS also reported with a miss on the top line and a beat on the bottom line. These two bellwethers have probably not provided enough amo for the Bulls to continue their romp. The shorts who were more patient than a Saint today may be salivating. Based on tonight's reports the decision of IF to put on short sales has likely been made. All that is necessary for the Bears at this point is to decide WHERE to enter their short sales. The most likely target would be resistance around NAZZ 2190. Remember the Bears have recently found some courage. The Bulls no longer completely own this market.

If You Held A Taser To Our Head: We would not trust any strength in the NAZZ. We are still waiting patiently with hoards of cash for a sharper more fearful pullback. Most importantly though a slow decline will result in much lower levels for the NAZZ requiring us to have more patience.

-Hope you traded well-

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