Boys, keep your powder dry.

If we do open higher as futures are indicating I'll be using it as an opportunity to lighten up on all my positions except for Apple (AAPL). I think this rally fades by end of day so I'm going to move pretty quick. Maybe I miss some upside but I don't think it's worth the risk. I still have some Spyder S&P 500 ETF (SPY) calls from last week that I'll close out right after the open and I'll be taking some more profits on my gold shorts. No need to be greedy ;) The Euro is up slightly so I'll be using this strength to add to my Proshares Ultrashort Euro ETF (EUO) positions. I think we still have to work out the European debt crisis before any big moves are made to the upside in this market. I'll also be shoring up any loose positions I wanted to bail on last week but was waiting for an up day to do so. This is why I stress not panicking. Had you closed your book on Thursday when we were down 520 points, you'd be kicking yourself this morning as you could have sold much higher. Never panic! Right now I'm just trying to raise cash and keep my powder dry so when we get some clarity on the direction of this economy, the soft landing in China and the sovereign debt problems in the Euro zone, I'm ready to strike. I'll continue to buy Alexion Pharma. (ALXN) and Apple (AAPL) on any weakness regardless of market conditions.

This is not a recommendation to buy or sell any securities. DAK was long  EUO, SPY and AAPL at time of publication but positions can change at anytime.