Now Isn't the Right Time to Buy Equities

By Guy Adami, stocks editor at OptionMonster

Everyone was getting all excited about the S&P 500 being above its 200-day moving average, but it looks as if we traded up to it and failed.

As I've been saying for awhile now, it's hard for me to be bullish here. I still think the path of least resistance is to the downside, and that means it's very hard to fade these moves lower.

I would be in a buy-on-the-dip mode but just don't think the time is right now. I think you have at least a week to a week-and-a-half before you can get back into the equities market in earnest. ...