The market is doing as expected. It hit major resistance yesterday and the bears are confident we are heading down from here. Our view is that this may be a bear trap. We continue to hold for now. If it looks like a break down, we will act accordingly. The news is not good, the earnings are better than I expected. In the end, an old Wall Street adage comes to mind: Stocks follow earnings. let's see how it plays out.
P.S. I was very surprised the FED said it may take 5 to 6 years to get out of this. They don't normally yell fire in a movie theater. Strange.
