Don't Have to Swing

 "There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. "  - Reminiscences of a Stock Operator

Right now, I don't see much of an edge in any short term time frames.  No trade feels urgent to me here.  The Fed has rigged the market and the intraday volatility is low.  It has been a rather uneventful month of action post QE forever.  The Fed got what it wanted, a risk rally, a weaker dollar, and higher probability of Obama re-election with the higher stock market.  S&P is overvalued but it was overvalued a 100 points lower so it doesn't make much of a difference short-term.  Longer term, it does set up more interesting times but we've got to see more signs of distribution and topping.  The crowd just isn't bullish enough here considering the resilient market for this to be a good short opportunity. 

Emerging markets have been outperforming over the past month.  Investors are really reaching here going for emerging markets to play catchup, or even Spain because they will ask for a bailout.  I would view emerging markets, which is basically another way of saying China, as being the worst market for long term investment at this point.  Spain would probably be close to the top of that worst long term investment list.