My market bias is still bullish for 2009 but short-term the outlook is murky. The correction probably continues this week and possibly into the following week. We want to use this pull back as an opportunity to open new positions. However, investor reaction to earnings season will be a crucial component for the market's direction going forward. Investors may want to scale in positions instead of jumping in all at once.
No new plays tonight. I would keep my eyes on the watch list for our next trade.