Recap of this week's market action

Monday for the S&P was bearish: good macro data, closed down. Tuesday was also bearish: bad macro data, closed down. Bulls did try to rally in spite of data but were promptly shot down. In a bullish market, you want to see the bulls rally in spite of bad data and vice versa for a bearish market.

Bears: 2, Bulls: 0. Bears could push the market down more but we'll just have to see. Perhaps they are waiting for tomorrow's macro and Thursday's job numbers.

I'd be moving to the sidelines temporarily. Get in the more stable names.

The EWMs didn't look too great either. No longs were willing to step in. Foreign investors are definitely selling down. I'd be moving over the sidelines at least. Today the FBMKLCI did hold even despite the sell off. But don't look for local investors to buy when foreign investors sell out.