Cease-fire? What about cease-selling?

Trying not to be cute about two very serious topics but today says much about the current market environment. Great jump to start the day on an external news event that followed through until about noon. That's when the "drift" set in and voila, most of the day's gains are gone.
After I posted Friday's thoughts and recap, I got to thinking that my focus is probably too bearish and too oriented to external events. The external events will go away and what's left is a market that has to play catchup to intrinsic fundamentals. In 3 days, or 3 weeks, or 3 months, what are those fundamentals going to look like, i.e., are they going to be better than they are today? From my perch, there isn't a a clear answer. Of course that creates opportunities but, the current orientation away from risk still sits well with me. Once again, I created the buy list for today but opted to remain with the current positions. Flexible AND patient.

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