With the technical picture so cloudy you may be tempted to sit this one out and wait for clear evidence of whether market direction is naughty or nice before initiating either long or short positions.

The whole tech sector jumped after the IBM announcement and it may spark a rally tomorrow. But it's one piece of good news. Could the impact be erased by a subsequent piece of bad news between now and tomorrow? Sure.

Cloudy water does not clear by stirring it. A cloudy sky does.

It is too amorphous--the picture is cloudy. It looks like it might develop into a very interesting picture, but what are the odds (of that happening)? We don't know.

A new Fed chairman is an unknown and as such offers nervous investors an excuse to sell.

There's this almost universal sense that we're in this big cap-ex spending cycle and the big stocks should be moving on that, but they haven't been.