Yesterday the Fed delivered a mini version of Operation Twist while the market simply twisted down then back up. We are in a headline driven market and every rumor or economic of import can jerk the futures around a 1/2% in a heartbeat. It's just that way right now. If you try to get above the noise though you can see that economically sensitive commodities are selling down - not rising. They are the raw materials that feed growing economies. If they can't rise in price, then its unlikely that general equities will rise much more but instead pause or begin to roll over. Yesterday they could get nothing going on the Fed or European news. The early look this morning appears the same. I would tread lightly if you want to buy right here right now and wait for some sort of pullback to put more money to work.

The news flow isn't about to quit either. Next week there is another round of European Union conferences in an endless game of guess what kind of band aid Europe can unveil next. Its also end of month and quarter window dressing. That seems like a hard place to sell the market. After that it will be all about earnings.

Speaking of earnings, early names have seen mixed reactions much as we saw previously where anyone missing estimates or guiding down is butchered. BBBY is the latest down 10%+ last night after meeting projections but guiding down. The moral of the story is individual stocks are hard to buy and hold in size into earnings at this late date of a bull run.