Despite today's eerily quiet "ramp-up" in the averages, the market appears setting-up for lower prices into the end of this month and possibly into March. We own some index puts (QQQ & IWM) that still have over a month until expiration. That should allow plenty of time for a move lower to pan out. We will consider additional positions if any decline goes further and longer than anticipated. With the market closed next Monday for President's Day, a suddenly ominous three-day weekend beckons. If the market prefers higher prices still, that's fine with me, there will be plenty of things to Buy in anticipation of a summer rally. For now, let's get through February and March, one week at a time. Although I am not a fan of moving averages, note how QQQ tends to decline when price moves from above to below its 8 week EMA, which it is about to do on today's close. Coming Next: Weekend Update - Due out Saturday, or pushed back to Sunday if I have another morning like this one (don't even ask).
