On the surface the market looked tepid as the major indexes didn’t move much at all, but in the thick of the trading land it seemed as if participants were being very cautious ahead of the big news coming our way.

We have the Federal Reserve on tap tomorrow as well as earnings from Google. Both of which could be market moving. In addition to the plethora of company earnings reports, the President is set to address the nation and has sectors such as alternative energy showing signs of life.

All in all, the tone of the market seems to be one of caution. Sectors showing leadership today included metals and oil with technology and small caps taking a breather. Volume was light and breadth finished negative.

We have raised our cash levels and don’t feel compelled at the point to relay a grand thesis. Instead we are simply scrolling through the position sheets, pairing back where necessary and adding where appropriate. For now, we remain in wait and see mode and won’t attempt to manufacture something that simply isn’t there.

Have a good evening.