Awaiting Opportunity

Futures have taken back all of Tuesday's gains. With the 1848 close of the cash S&P there is about equal risk/reward over the next few days. Above is the 1870 area. Below is the 1822 area. If the market can keep inside this range for the next few trading days, it would make me happy because I'll be on and off until about Monday or Tuesday.

Not Jim Cramer -- a must follow on Twitter -- just posted this chart showing one of the most bullish sentiment readings ever. The II bull/bear ratio is higher than any time since 1987.

I remain skeptical of the underpinnings of this market, but not of its ability to confound participants. My plan is to stand aside until a better opportunity presents itself while I chill out for a few days in -10 below temps while hanging with my friends and trying to do some snowmobiling in the Great White North.