The stock market sent a bearish signal yesterday. The tone wasn't as upbeat as it used to be when bad news gained attention. In the meantime, two dip buying/rebound attempts failed. With the Cyprus banking crisis likely hanging over the weekend, we could see another rough session today. There will probably be some quarter-end windowing dressing late next week but we still have a few sessions to go before getting there. Be cautious.
I started trimming my riskier positions over a week ago. Increased my cash position to 25% from 20%. The bull run is still intact but I think we have another 20 S&P points to lose before this can move much higher. The Cyprus thing still isn't over. Maybe Monday will be a bad day for the market then we can move higher. Yes, be careful here.