WACKY

If you want volatility in equity markets, well just watch the screens. Not happy with the current prices, wait a while they will change. I was just watching as the DJIA was down 45 and now it is back to flat in a few moments. I can't remember the last time I saw this much volatility, but I can tell you that I am not trading, just watching.

I suspect lots of folks want to see the action around the 200 day SMA and we just barely missed it by 25 cents on the SPY. The markets seem to be bouncing back a bit here but I don't trust it as the market internals are not confirming higher prices with 1,500 more losers than gainers.

My strategy for the rest of the day should be to go to the New York Sports Club gym and work out, but I will sit and watch the action. Next week, however, may be a time to pick up some metal stocks such as PAAS and SSRI and even some oil stocks. For today, it looks like the fun is just beginning as the volatility is sure to pick up into the afternoon trade. And a final thought, what ever happened to Jim Cramer's new bull market from a few weeks ago?