NEW YORK ( TheStreet) -- You should play the market the same way you should play cards. Be a card counter. I learned to play cards from my grandfather and he was great at both poker and bridge.He looked at this hand and watched what others were discarding. He knew the odds of whether a discard and a pickup would improve his hand and only made a move when the odds were in his favor. He didn't bluff and never bet against the odds.
Other market indicators: Wednesday 67.06% of the stocks closed below their 20-day moving averages and while 202 stocks hit new highs for the month 1183 hit new monthly lows. If that's not enough 390 shares advanced while 3,485 declined. Conclusion: I'm not a market timer but I do pay attention to the market's trend. I'll never time the top and the bottom of the market but I should be able to tell when the market is 10% off it's top or 10% off its bottom. If I can sense the 80% in between and stay on the right side of the market, I'll be happy. My advice right now is to trim off the positions that are not performing properly and accumulate cash until you decided its time to get back into the pool. I want to see the Value Line Index trading above its 20-, 50- and 100-day moving average, have a Trend Spotter buy signal and support from the 14-day turtle channel. He is where we stand at the moment: Follow @JimVanMeerten This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.