How Do We Spell This Relief Rally? D-R-U-N-K

While I try to avoid the alarmist, sensationalist type of market analysis, the stark historical reality is that markets which act poorly and fail to rally when they *should* (i.e., this morning after the much ballyhooed used car sales prices fell) become uniquely dangerous and vulnerable to wiping out much lower. 

I am becoming increasingly less trustful of almost any equity longs at this point, as the banks await us for a new earnings season beginning with JPM tomorrow morning pre-market. 

While I like the action in wheat and gold, not to mention silver, as well as some coals, my leash is growing tighter by the moment as hopeful rallies sputter. I continue to have several bearish hedges on with Members, and those at least serve to offer peace of mind, if nothing else, in a market which is seemingly drunk and overwhelmed by all of the headwinds. 

Remember, it is almost always better to be out in wishing you were in, than in wishing you were out, inflation notwithstanding.