Well, the crystal ball is in the shop right now - waiting for the installation of a new base. Meantime, the important thing to note is the intermediate trend is down. Until the downtrend line from July is broken, the market is risky and rallies should be sold. The re-test of the recent low is currently underway - I'm not comfortable with the speed of the re-test - would have been better had it waited a month or 2.

A lot depends on the Ben Bernank and his Jackson hole. The market's reaction to that will be a tell. If Mr. Market is unhappy with Friday's announcement, we could quickly drop to last year's lows (around Dow 9700). I think we'll just have to wait for it.

Sept-Oct is often scary, but usually followed by a year end rally. Looking that way right now. I am still selling into strength on an individual stock basis, and will wait for either a true capitulation or at least a break of the intermediate downtrend line before buying again.