The market opened higher, went up a little bit and started selling-off. This huge volatility is going to produce a very strong move but I can't tell whether the direction is going to be up or down. In this case, it is better to stay on the sidelines and let the market find a direction. In order for me to be bullish, I will like the S&P to CLOSE ABOVE 1430. There are lots of bad news coming out. The debacle of the sub-prime lenders is one major one. No body has been able to identify yet how bad of an effect will that have on other sectors. The confrontation with Iran is another one. Crude jumped up pretty well in the last few days. Today there was the news about US imposing tarrifs on Chinese paper. All these factors point to a higher inflation. The good thing is that the market is still holding strong with all these bad news, so when we get good news it will move higher. I have heard some rumours that the US and UK are likely to attack Iran. I'm not sure whether it will be a full fledge war or just attack on their nuclear reactors. If that happens, the market might sell-off on the news but will sky-rocket after that. If there is an attack, that will happen most likely sooner than later. I'm still trading here and there but nothing major. Once I'm able to identify the direction, I'll go all in.