The Big Boys, page-524

Eternit, I've been uncomfortable with this rise for the last few weeks, as it still meets all the conditions of a counter-trend in a larger down-trend. But it can still go either way and is not resolved. That's not sitting on the fence, the Dow is just at a point where I can make technical arguments for both the medium-term long and short case, which means you need to just let it play out until it confirms.

Markets are very structured, but it's only sometimes that they are predictable enough a back the move. My bias is down, I expect a good pullback, but it's up to the market whether it puts in a higher low or continues down.

In my trading account I've taken longs off, and have just cash and short positions and I'll let the market tell me when it's a safe time to go long again.