It has been a very intriguing session thus far.  The market opened better than I anticipated, then began to sell off.  Just when it appeared to be vulnerable to falling through a trapdoor, it found a pocket of resolve.

So, once again we see where a lack of catalyst can lead to the market stumbling, and at the same token, most folks sitting on big profits are reluctant to ring the register.  It’s a good old-fashioned stalemate, which really is a bullish statement.

There should be a lot more selling, considering bank earnings couldn’t move the needle, and investors are looking at a three-day weekend.

It remains to be seen if the S&P and NASDAQ Composite can move all the way back to into the green, although the latter was acting great early in the session.

Most of economic data out today missed the market consensus with the exception of factory data.  The biggest hit was to retail sales control number, which is a component of the GDP report.

I’m still very excited about individual opportunities, but I admit there are not a lot of cheap stocks out there, but there are a ton of amazing businesses that the market is realizing shouldn’t be judged on the next 52-weeks.

This will continue to be our advantage over old Wall Street, but there are times to listen to the action and tape.  Our cash is much higher now, but we are vigilant and ready to pounce.

Enjoy your weekend and let Martin Luther King Jr Day be a perfect chance to catch up with family and friends and remember who we are.