The market’s escape to new high’s and beyond has been caught and dragged back down. Possibly fears of Septaper, possibly just a normal pullback from an extended move, possibly just one of any number of speculations.

Whatever the reason, again, this is what markets do, they fluctuate and move in frustrating directions at frustrating times.

Earnings season has been flat. Top-line growth, which would be a stronger indicator of growth has been absent. The Auto’s however, an early indicator of a pick-up in the economy [historically] should be considered.

All-in-all, I remain in swing positions, market neutral, the trading environment is dangerous at the moment in that just a normal correction, or bull move, for no apparent reason, can accelerate far beyond what any of the fundamentals might indicate or suggest.

In my long term positions, which are 100% long, I use the fluctuations to add and lighten the positions. I was looking to sell SPY shares at $171.50, it even looked distinctly possible at the end of last week. At the end of this week, far less so.

As August is about half-way, eyes turn to the September/October months in the market, historically volatile and dangerous, add to that the potential Septaper, and I’m not overly surprised that the market is jumpy. It is however quite difficult to position new trades into the market currently.