I like the resolve of the market.  To this point, the rebound is being led by obvious oversold sectors and companies that are winners in every sense of the word.   Damage in biotech is severe as the sell-off in CLVS underscores the risk of no-trick ponies with massive upside potential, but equal downside with the wrong news. There was a take-under in the hotel space that's worrisome to me as Starwood is run by smart folks and should have been able to wrestle a higher bid from Marriott.

There's a fair amount of angst, as there should be.  The market needs leadership in terms of stocks, and sectors with coattails, and direction from the Fed (which isn't the same as accommodation but a clear message on what's happening and why).  Perhaps most important for me is the fact the major indices are holding near key moving averages that began to fail late last week.

Over the past couple of weeks, I closed a fair amount of positions to raise cash.  Soon, we'll put it to work, but not until the coast is clear.