In recent weeks, I’ve raised more cash in my portfolio inside 12631 than I would prefer to have on hand in an overall uptrend. However, the sheer length (third longest since the March 2009 bottom) and tedious nature of the current correction since mid-September force me to wait out the grind until one side prevails.

What appeared to be an imminent washout lower in the futures last night has turned into another session of maximum frustration for longs and shorts today, reverting back near the flatline. There are stocks like DE SHLD and even SSYS that look appealing for long swing trades here, and they are highly likely to move once the market character turns on a dime.

Sentiment also continues to be far more consistent with the late-stages of a bull market correction than it does a fresh bear leg lower. Of course, timing that exact bottom has been a tricky endeavor. In sum, exuding some patience here without panicking is likely the correct play. It is not fun cutting losses before they spin out of control, but getting through this correction without suffering fatal wounds is the name of the game.