If you were going to unload a large position of securities, would you tell the world about it in advance? The widely applauded report that Chinese officials said they would not abandon European junk securities should not be taken seriously. (Thanks to my friend, Judy, for these insights.) Meanwhile, we finally got a real bounce. Time will tell if this rise will be sustained long enough to turn my indicators positive. This is a good time to sit back and watch the action from a distance.