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As bad as yesterday's Q&A was with the press, is as good as this morning's Obama press conference was (just ended). The only thing that has changed in between now and then are this market's prices.

As I went off on in this morning's Early Look, prices are a function of expectations, and expectations are a function of market prices...

This isn't rocket science, and neither will be the market's anticipation of Obama's Inauguration speech. The man has been doubted from the very beginning - being short that January 20th option is something that I hope the bears are really all in on - I'll get longer in the meantime, waiting patiently for my buying range in the SPX of 885-900.

With the VIX oversold and the SPX overbought, we sold a lot of exposure down ahead of this final “Crisis In Confidence” because it was proactively predictable. The large majority of money managers out there aren’t really allowed to get extremely bullish here – and that’s a bullish reality in and of itself, at a price.

Today we're getting the prices we want. The VIX is getting overbought and the SPX oversold.

As the facts change, I change - what do you do, Madame?
KM