We've gone to all cash after a two week stint as swing-traders. We don't like the breadth of this pull-back and think that anticipatory break-out trading will not work as well going forward. We'll now enter positions again on actual break-outs or on support bounces but not in middle or range trades in anticipation of a move up.
As we wrote in our newsletter last night we would be fine with a rotation but we would start exiting our positions on a broad sector sell-off.
