Stocks are declining today after attempting and then failing to push up through resistance at the 1,350 level on the S&P 500. As I have written extensively of late, there is a sizable amount of congestion at the 1,350 level for the S&P 500, and my feeling is that we will see a pull-back in the near-term of at least 5% to 10%. I would like to see the S&P 500 come back to about the 1,200 level. If we see a decline of this magnitude or better, I will put my 40% cash position back to work.
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