We’ve continued to reduce our equity exposure this morning selling off our holding in Cedar Fair LP. My concern is that the stock market is back at resistance levels at 1360 on the SPX. I think its really just a matter of time before this level is taken out but it may not be until after a pullback. In the meantime Gold and Oil are perking up and that does not bode well for equities. How long can the market be in denial? Impossible to say but $105 oil has to get attention sooner or later.