Weekly Update 06-28-2010:

Last week we talked about the retracement levels of 1122 (50% retracement) and 1142 (60% retracement) in the S&P500 as a possible reversal zone.  On Monday, the S&P500 peaked at 1131 and trended downward for the rest of the week closing Friday at 1076, about a 3% drop giving us nice gains in our inverse positions.  If the correction upwards from the 1040 low of June 8^th is over, then the high of 1131 should hold for now until after the 1040 low is taken out.  Then we will have to see what that new low ends up being before targeting the next upward correction.  For now, we remain in our SELL signal until the market finishes the answer to the above scenario.  Yours for Safe Sailing in Bull and Bear Markets.