How to Trade in a Hard Penny Environment

I like to refer to the market as either being an easy dollar or a hard penny environment, whether you want to call it a bullish market, a bearish market. And so right now we're in that hard penny environment. I just like to look at it as I'm either making money and things are working really well, or it's a difficult market where of course I'm going to scale back. If it's a really difficult market, I'm just going to stay in cash and wait for things to work.