Stocks put on a third good bounce in a row today. Hey, I'm not the kind of guy to whine about a 213-point jump in the Dow! But the question is: What do you do with days like this?

I spent most of the session on the sell side, lightening up on stocks and funds that have exhausted most of their near-term potential.

I advise you to do some trimming yourself before market's latest burst of strength fades. From a technical standpoint, today's session continued the "nice, but" pattern we've seen so many times over the past six weeks. Upside volume came in a bit stronger than yesterday, but again lacked the explosive punch that could kill the bear, once and for all.

So it's on to September. Odds are, after some seasonal strength around the turn of the month, the market will head back down to probe its July lows in the 1200 to 1215 zone, basis the S&P 500 index. I'll keep you posted as the events unfold...

Enjoy the long weekend!