I returned very early this morning from the Las Vegas Money Show, where all flights to Dallas were cancelled last night due to the odd tornado or two in the area. I went back to the hotel, had a dinner with friends, went to the room and began to research the hot questions on the minds of many of the 10,000 attendees at the conference: Where is the market going and are we in the beginnings of a bear market? Downloading a ton of recent research into my computer, I took the time in the airport and on the plane to try and give you an updated answer to what I wrote on February 6 in this space:

"As I wrote last month, the markets could continue to move sideways to up, but I think we could see this year as a classic "Sell in May and go away" year. I would have fairy close stops on any trading accounts." (Thoughts from the Frontline, Feb. 6)

This week we take a look at what value really means, and I offer a few thoughts on the recent employment numbers. They may not be what you think.

I am taking a little R&R this weekend, and have asked my friend Lynn Carpenter who is the editor of the Fleet Street Letter and The Optionist to give us her thoughts on value investing. It is a wise and witty essay, and I commend it to you.

When you are sailing, it is important to know where the wind is blowing. You have to change the position of your sails as the wind changes.