Step back and listen...to the market.

The bear case hasn't changed for me. Nothing has changed from what I have been posting and talking about in regards to the fundamental flaws of the forecasts the equity markets are depicting.  For now, I'm listening to what the market is saying;

Case Study: Action around the 200dma

2008: Market participants were well warned

2010- 200dma flattening after having a hissy fit QE1 was ending.

2011 Debt Downgrade

2012- QE2 ending? (I forget)

#Levitation of 2014. The plunge through the 200dma on 3 large distribution days.  The flattening of the 200day is most likely going to take us through the year into next year possibly. Trading ranges will be defined by percentage band above/below the 50/200.

With that in mind; sit tight and be prepared for volatility as the liquidity shows up around the 200 and participants begin to jockey for next direction.