PULL BACK COMING---BUT HOW SEVERE???

I have been pretty much on the sidelines as I have been unimpressed with the volume in the latest rally. I think we are going to see a pullback today and it is going to tell me a lot based on its severity. I have been dabbling in options--selling puts on FCX as I think it will continue to do well as inflation takes hold. I sold half of my X and hope the other half will run.

We have a great interview with John Williams of Shadow Stats coming soon and will have more market analysis when we feel like there is something to play. We don't make calls just for the sake of making them and are frankly scared of this recent rally. Good volume could change my mind---but right now I am on the sidelines.