The market has given up all of its early gains, as selling picks up again.
Sentiment is somewhat mixed. The ARMS Index is at 1.08, fairly neutral. The CBOE put/call ratio is also not that elevated at 0.93. But the ISEE Sentiment Index is fairly low, at 79, showing fairly heavy put buying.
The volatility indexes are mixed, with the VIX higher again, but the VXN (Nasdaq) lower.
Yesterday, I added some downside hedges to my accounts, and when I saw the market up a lot this morning I was not worried about them. I simply don't really trust this market right now, and have not seen the kind of high volume rallies that show any conviction on the part of buyers.
As such, I am looking to make smaller, shorter trades to try to rack up some incremental profits. I would buy some stocks that have come down quite a bit, but then look to take profits on any rally. But I have not started buying anything yet.