Another ugly one

Sorry this is so late--I was out ringing bells for the Salvation Army. My returns in the kettle were about as anemic as my trading lately, so maybe it's just me.

I'll have to admit that even though I sound confident about staying in cash, I'm really not. This morning I was chomping at the bit as I saw many of the stocks on my watch list leaving me behind as they shot skyward. I was kicking myself for not taking a position in BIDZ last Friday, but then congratulated myself for my "discipline" as it nose dived after taking off again this morning.

Despite the general ugliness in the market, we still haven't seen the "capitulation" candle (blue circle) that we saw back in August. So even though we've reached the August lows, I would feel a lot more confident that we've seen the bottom of this downturn if we got a panicky day like that. So for now, I think it's best to wait this one out until things for sure turn for the better.