It used to be said that bull markets don't let you in. Now, in this world of microscopic view it has been replace with "bull moves" don't let you in. Seems like anymore, the 50 to 100 point S&P moves happen with such rapidity that to get on board almost always requires you to be late and that the follow through is seldom the six or 9 month move but another six or seven week move that then reversing and removes most everything you worked for in a day or two. The notion that bull markets don't let you in needs to be rephrased to "bull moves don't let you in".

We are in the midst of one of those moves now with some 50 points being added onto the S&P 500 in two days. It may carry, it may not and it's in the middle of a targeted 80 point move. So do you play for the last 30 points are just throw you hands up and give up. That's how it feels if you don't jump early.

But what if it pushes even higher before it's done. what if 1400 is surpassed and performance anxiety kicks in. Do you but up 100 instead of 50. That's the problem if you wait. The risk increases while the reward decreases.

We have central bankers staring their meetings today with announcements tomorrow and Thursday (Europe). It's hard to see much of a give back in front of that so that's certainly not a good bet. How the market reacts remains to be seen as well and is dependent on what they do. If you are under invested you have to find spots to add on individual stocks with momentary weakness. If you can't find them, then you need to simply wait.