If OPEC cuts production, as reported this morning, that might change things in stock land a great deal.

Federal Reserve Board members are dropping conflicting hints. Vice-Chairman Donald Kohn said, “The risks to my outlook for economic activity may be skewed a bit to the downside, while those to my forecast of gradually declining inflation are tilted to the upside. In the current circumstances, the upside risks to inflation are of greater concern.”

The stocks market’s recent rally has been unusually large and persistent, but now stocks appear overbought. I am selling short again.