The market can’t catch a bid.

Heavy selling across the board has been indiscriminate, which kills our outlook for Growth Stock buys.

We’ve been fortunate to have been maintaining a cash bias.

While the market has teased us with short-lived rallies, its never sustained itself long enough to set up decent buys.

Likewise, going short has come at a cost for most.

The government’s tendency to announce new rules or bailouts just when things look their worst has led to viscous short covering rallies.

The bottom line is it’s been a gambler’s market for those playing the intermediate-term.

Doing nothing in the markets is as much a postition as going long or short.

Most people have been getting knocked around. But we’ve been patient and will pounce whenever a decent opportunity presents itself.