There are some things that are disturbing in addition to that VIX action today. For example, how about the way the Street Stra-Tee-Gerist Grifters are displaying their bull horns. Even the Yenta from Goldman Sachs is back with S&P 500 predictions, and I thought she had been disgraced and replaced with another macro Stra-Tee-Gerist. Ok, I guess it's my own Wall Of Worry.......I wouldn't to be short, but where are the bears? Seems like everyone got into the cart and that's fine at the beginning of a new bull market, but is that where we're at? I don't want to go there today because it may force me into selling things too early. There is enough good action in Sectors like the early cyclicals that you have to be constructive at this point. This is a pullback market in my opinion -- did that with Homebuilders last week, and I want to wait for the Semiconductors to come in. Tiawan Semiconductor very constructive. Hope you are faring well, and I'll see you after lunch. Stephen _______
