I would appear that the relentless march upward has taken a pause, thanks to events over the weekend on some island in the Mediterranean named “Cyprus”.  I have heard rumours (sic) of an advancing army on Thermopylae which could spook the market out of another 50-100  points in coming days.

Honestly, even though my paper profits are positioned to be halved in the coming days, this is what the “bad news” hawks are clinging to…Cyprus…yes, you know, the Cyprus that contributes…well, I’m not really sure what Cyprus contributes to the world economy, so I’ll have to get back to you on that.

My point is this: watch how the market reacts during this pullback.  So far, the one dip we have seen was the best buying opportunity of the year.  Hell, I hope volatility spikes again just so I can buy up VXX puts in my “idiot account” like a deranged maniac.

Anyway, I was on the teetering on the verge of selling 25% of every one of my discretionary positions (i.e., everything but IWM) late on Friday, but I had to leave work early to attend a home inspection, and therefore didn’t have an opportunity to do so.  Based on experience, those ‘gut feelings’ are more often than not the proper course of action…and I chose to ignore it at my own peril.

C’est la vie.

-EM

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