And at this point in time, a 200 point move makes a certain amount of sense. But that’s only if we get some type of shift in the fundamentals. Right now, it doesn’t look like the fundamentals are changing much, and we are essentially just hanging around in this region. I have no interest in trying to get too cute with this.
I will be a seller at the top of the range and a buyer at the bottom of the range. Until then, I just sit here and observe more than anything else. This market continues to be one that I am simply waiting on to make up its mind. However, I can fade a move to the top or bottom of the range, on signs of exhaustion. Until we get a bigger move, it is like we are essentially “stuck.”
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