The Nasdaq 100 futures were down nearly 1% last night in after hours trading but have now clawed their way back close to the level they were at at the 4:00 NY cash close. The increased volatility is encouraging, it is George Soros who noted “volatility peaks at turning points and diminishes as the trend becomes established.” Perhaps we are nearing a turning point? We will only know in hindsight and then we can observe all the “obvious” signs that a turn was imminent. For now, we need to stay on our toes in this HIGH RISK environment and remember that money management is more important that picking bottoms.