The market is in bounce mode.  There hasn’t been a bull-market in history that didn’t first start out looking like a bounce.  So we are attentive and have our search lamp on at full-strength looking for smart places to put our money to work.

We are realists, so – given the nature of the background fundamentals (slack in demand, China slowdown, Europe stress tests, US state and municipality tightening, US government confusion…) – we are treating this move off the lows with warranted caution, while looking for winners.

Metal and agricultural stocks did well today.  We are a bit behind the curve already on some significant moves off the very bottoms, which makes entry a bit risky here.  Since we didn’t buy in at the absolute bottom – which is the equivalent of stepping out in front of a train and hoping that it’s going to stop (at times we are not opposed to doing this) – it’s better to be patient and let these stocks quiet down a bit and show their true intentions.

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