Caution as the Character Changes

Darn it all. Between running down to Wall Street to film that video, running back up here, blogging, making calls (had a pretty interesting chat with a Nortel (NT - commentary - Cramer's Take) sales manager, for example, which I'll write about soon) and otherwise managing my day jobs, I forgot to eat lunch again today. I bring that up not only to personalize this closing post, but also because it's important not to obsess over the market so much that you're not taking care of yourself.

Here I am, feeling my stomach gnaw on itself, and my intensity level is on overdrive. Do you really think I'm in the best state of mind to objectively analyze this market from a very short-term perspective? I'd bet my mom and some exes who've had to deal with my hunger moods would answer that with an eye-roll, saying, "Uh, no." Point is, take care of yourself to maximize your ability to trade and invest. Now on to market commentary...

The closing hour was impressively full of rally, though metals and other out-of-favor sectors were strongest on the upside. Indeed, tech, for the first time in a long time, has taken a backseat on the rally days and only calls shotgun when the market's driving downhill.

Such changing dynamics underscore how this market seems to be undergoing a change of character. Whether that change is a temporary, gentle rotation that sets us up for another leg higher or whether it's the beginning of something more bearish is still up in the air. I'm in caution mode because I think there's a good chance of the latter.

Regardless, I'm not going to guess what the answer to that question is just now.

Vista rolls out formally on Friday, by the way. It will be great to hear how the corporate techies of the world like or hate Vista. (surely nobody will love a Windows-based operating system, right?) Anything but a total passive shrug in response will be better than expected.

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Cody Willard is the manager of a hedge fund and a contributor to the Financial Times and VON Magazine. He is also a regular guest on CNBC's Kudlow & Company and an adjunct professor at Seton Hall.

He earned a bachelor's degree in economics at the University of New Mexico. Willard appreciates your feedback -- click here to send him an email.