Is the Cup Half Empty or Half Full?

Depending on how you want to look at it the market is either running on empty here or gearing up for a big rally. We've been exposed to both theories recently and they both have some merrit, depending on what you focus on. We are agnostic about the market at this time and we think a lot of people are in our boat. Certainly the recent breakouts on the S&P and Dow are not to be trusted, but does that mean we come crashing back to earth dramatically or do prices continue to drift higher because sellers are more frustrated than buyers? We don't know. What we do know is that this market is a mine field and navigation continues to be difficult just as it was most of the year last year and just as it has been most of this year. Along with a lot of other participants we would like to see a strong move get underway, whether it be up or down, just to get some exploitable emotion back in this market.