A pause in the MAULING

We are due for a pause in the downside looking at the VIX, but the cash position of mutual funds does not get me excited to rush out and get 100 percent invested.

Other breaking news:

This morning, the heat wave broke in Phoenix – the high will be 109, down from 112. Good news though – A CLOUD WAS SPOTTED OVER THE PACIFIC AND SHOULD ARRIVE IN AUGUST.

Listening to our weather forecast is like watching CNBC’s Bob Pisani cheer a 20 point rally. You want to strangle the messenger.