There is still a lot of indecision in the market. We are also still in August which usually means anemic volume. Today was one of the lowest volume days of the year. There could be a short term rally in the next day or so which might shake some of you out of the market. I don't expect any rally to break above the 8/11/10 high. If it does, you would want to get stopped out. Although I still expect another decline in the market, I also think we could chop sideways for a period of time due to all the conflicting signals in the market. Make sure you buy enough time for your options. I'm still watching the VIX very closely to see if there is any fear behind the selling.
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