When I lowered my exposure to stocks this morning I did not think a turnaround was in the cards. The truth is I wanted to press my bets but discipline dictated taking a bunch of chips off into a 25 point S&P 500 rally. Luckily, I followed my discipline instead of my gut.
The action in the bank stocks is troubling. I need to sleep on my call for a rally in light of the continued carnage in the bank stocks. I will give you my updated thoughts in the morning.