The markets declined last week as expected but I am not ready to start buying the dip just yet.

I know it is tempting to buy something from Friday's close and the futures are up about 4 points Sunday night but I am not convinced it is time to jump back into the market. I know it is boring to get a newsletter that has been flat for the last week but it is hard to lose money with no open positions. I would prefer to see what the market is going to do before throwing my hat and money into the rung.

I would like to see the momentum stocks find a bottom. I would like to see the Russell move out of free fall. I would like to see a couple days where volume was decent and the indexes finished the day in the green.

When you are writing options you need to wait for a bullish trend. There is plenty of time to enter new plays. There is no expiration date on the market.

Please be patient and let's wait for a signal before making any plays.

Jim Brown