BE CAREFUL WHO YOU TRUST

This market isn’t for old men. Straight away this morning, many of you jumped headlong into the market, after seeing futures reverse to the upside.

However, Mother Market might have different plans in store, insidious ones. I’m now in the process of removing myself from the market. I’ll be out of SPY by 2/2 and with a very token position after tomorrow.

While it’s true, the bounce in crude and non disaster in FCX are encouraging signs for a bounce, I’m not interested in gambling now. With history as my guide, stocks are poised for another leg lower in February. If we can’t rally this week, we’ll never rally again.