I’ve been expecting a good start to the New Year, but the 6% move in the last 4 days is a bit too much too fast. The news overall is still very negative and the earnings picture has not improved at all. While I have been very bullish heading into the New Year I feel obligated to pare back risk at this point. The last year has seen many textbook bear market rallies and this one looks very similar. Light volume, no news, big % move. Not the way you want the year to start. I wouldn’t be shocked to see some follow-thru in the coming days, but I am not chasing this move.