Is this correction over? Yes, we called it last night and it was confirmed by The IBD, AAII, and the JOURNAL. Is it time to move all your monies back into equities? NO. Is the end of this correction a sign that market will go shooting back up to 1,400 in the S&P and 14,000 in the DOW? NO. Might this be a time to think about getting back into your truly magnificent stocks? Maybe. We did today.

As we mentioned we moved into NUAN yesterday and added more today. We added to our WY positions. We added to our GLW positions. We are adding in small chuncks. What does that mean? It differs from portfolio to portfolio as we are doing this as a percentage of position. In one portfolio it could be 100 shares in another it could be 10 shares. In the Salve Lucrum portfolio we added to AMZN and AAPL. We are enjoying a nice 14% gain in AMZN so we are locking in an 8% gain with a stop order and insuring it with the same PUT orders we had a month ago.

What we like about what we read in the market today was the low volume on a down day. This indicates some market stabilization (Note the VIX was down again) and a possible end to the short position shenanigans.

In reading what happen in the market as we did not get to see much of it, JPM earnings call this morning could have been a real anchor to the good ship rally, but it was taken in stride. JPM disappointed today coming it right at a very reduced expectation of $1.02 a share. That was 25% drop, and they blamed the Euro mess for some of their woes. (Why not everyone else is.) The stock was down 6.5%, and the company is already (like about a half hour ago) announcing layoffs globally. Why should you care?

Look at the numbers the market is flat, a stock comes down 6.5% because they just about made their earnings. Possible an over correction? It is selling at $31.60 a share, throwing a 3.6% dividend with target prices starting in the mid 40s going to the low fifties. Any thrill seekers out there? WE DO NOT own JPM but fold the value intriguing.

Another reason we liked what we saw today was that the DOW and the S&P are teasing their resistance levels 11,700 and 1,250 respectively. If they can keep teasing it for a few days, we will see the eggheads work their algorithms up a couple of percent and we will have more upside room to run before program trading pushes the number back down.

If you are brave of heart and done your homework now I mean really done your homework,don't read the good news about GOOG and go out and buy it. Don't think ISRG has a nice chart and go out and buy it. Don't read this blog and think that JPM is undervalued and go out and buy it. PLEASE do your homework. This is not the market to be playing whims. Good luck and keep a good defense in mind.

Salve Lucrum