Waiting for a Window

Right now, the S&P is trading at 1451, about 20 points above its 50-day moving average... but it's almost 120 points above the 200-day moving average, which would indicate the possibility that the recent market froth and churn is the runup to a mini-correction.

Regardless, we won't fight the market. Instead, we're waiting for a bit of updraft to launch into our next position... There's just something about starting into a position with some momentum that seems to bode well for long-term performance.

Till then, hang loose. We've got our trailing stops in place, but nothing looks in danger of being hit tomorrow on the open.

Bernanke by the way is winning favor all around, and rightly so, it would seem. Could it be that we have an egoless Fed Head? Not likely. But we've already seen the difference - or potential difference - between the Bernanke era and that of his predecessor, Mr. Greenspan. So far, Bernanke looks downright sanguine compared to the constantly tinkering little elf that was Greenspan. Bravo, helicopter Ben... for now.

James