Looking Like Textbook Action

 | Mar 03, 2014 | 3:13 PM EST
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You knew that rally would bring out sellers. That's pretty much how it always happens.

In fact, today really is text book because we had that midday rally where people pronounced that everything was over.

I think that we will have these declines and rallies until we have more clarity because this is an employment-number week. Also, don't forget that these first days of many months have been down, perhaps in a reaction to a mark-up right before the end of the month.

Nothing major happening now. The oddest thing, though, is the reversal in most oils. We bought some Chevron (CVX) for Action Alerts PLUS and the transports are hanging in.

But I have no conviction levels, having bought lower. Just waiting.

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