Earnings season begins

Heading out camping for a few days in Sequoia.  If you have not visited this place, please put it on your list.  Almost all of the stocks I follow are giving me mixed signals, as they have been for the past three weeks.  Events are moving the market as the macro picture is deflation with bouts of intervention.

This earnings season cannot be viewed or spun positively.  Our earnings momentum has been from a weak dollar and improved outlook has been from strong winter/spring employment growth projections.  Those good guys are gone.  Also, the wealthy are beginning to eye the tremendous tax burden coming their way from Obamacare and expiring tax credits.  This will reduce risk on further, and will also reduce the velocity of money as the rich simply will hunker down.

So bottom line for me, is I will continue to sell options and wait for buy signals on support levels to grab two and three day moves. My charts below show us in the middle of ranges, so risk / reward on new purchases are not there.