SeeTheLight

Thursday Outlook: Commodities, Global Markets

Shanghai is up almost 5% on better than expected lending news; US market futures are green. Looks like Tuesday may have been another dip to buy. Let's see if the bulls are able to grab the reins and drive the markets higher.

Personally I am still fearful (while others are greedy) and even if the market surpasses its most recent top I have no faith in it and continue to sit safely on the sidelines mostly in cash, a few longs, some Gold and Silver and some UUP, waiting to see if reality ever decides to set in.

I can say its difficult to remain disciplined with the casino mentality of the market today. I briefly flirted (in my mind) with jumping into the dash for trash. Thankfully I did not and saved myself some money, a lesson that didn't cost me anything and restored my discipline to be patient. Sooner or later the S&P P/Es will return to the mean (and somehow I doubt that will occur by the "E" actually increasing to reduce the high multiple). Until then I wait.

Good Luck all.