Traders who are seeking additional opportunities for ETFs that trade largely independent of the main stock market indexes are reminded by Deron Wagner not to forget about the CurrencyShares family of ETFs.

The most important take-away from last Friday's session is it's become apparent that the market is currently primarily a news-driven environment. Deron Wagner cautions that news-driven markets are unpredictable and can reverse on the dime.

Stocks got off to an ugly start Thursday morning, but the bulls took advantage of the early weakness, enabling the broad market to close significantly higher.

When a downtrending market rallies very rapidly, the Fibonacci retracement indicator can predict the likelihood of the reversal remaining intact, based on the depth of the subsequent retracement.

All recent attempts for the Fed to save the market have resulted in only short-lived bounces. In the near-term, Deron Wagner's bias is now cautiously bullish, but he remains bearish on the intermediate and long-term trends.

The stock market's lack of price support from new 52-week lows enabled the bears to quickly take control on Monday.

Overall, Deron Wagner feels that both long and short positions are risky with the major indices at such pivotal levels.

Deron Wagner shares some general strategies that have been working well for him in this challenging environment.

Although stocks closed modestly higher on Wednesday, the action was not indicative of bullish follow-through from Tuesday's late afternoon strength. Overall, the session was quite indecisive.

Deron Wagner thinks cash is now the best position until either one of two scenarios occurs: the major indices close firmly above their 20-day EMAs or they close below yesterday's lows.