Rerisking

The Street got very bearish in May and early June, and a lot of traders went to cash.  That cash is being deployed, and the wave should continue for another 2-3 weeks.  The long side is the side to be on when this rerisking happens.  Just don't overstay it.  It will get hairy again after this reprieve.  Not much upside, but we ain't going down much either.

Fed will give the market what it wants, which is a Twist or whatever and save their QE3 when the market is in the 1220-1260 range.  Remember, Banana Ben is a stock jockey.  He will not fire any bazookas when we are at 1350.  I would buy any dips of 10-15 points for rest of the week.