We closed around 1,270 on Friday, with a forceful smack in the face for bullish traders. I am hoping to see 1,250 or lower this week, and if we get there, I will be a buyer. I have been phasing into stocks, using the significant cash positions I am holding, to add exposure to equities at more reasonable valuations. I will continue to add to positions as the market reaches technical support levels on the way down. We should get some bounces along the way, as bullish traders see what they believe to be opportunities to get bargains, and to profit from short-term volatility. I am a long-term investor (not a speculator), and only want to purchase stocks that I believe are good, long-term investments, that are in the sectors of the economy that should perform best given the current economic environment, and that are at favorable valuations. Caution and patience are paramount.
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