Weekly Update 06-01-2010

The market made another “lower low” last Tuesday, but ended the week slightly higher than the previous week.  The expectation would be for the market to make some attempt at a rally upward to a “lower high” within the range of S&P500 1173 and 1106, the most likely being somewhere around the 1120’s area before continuing its downward descent.  However, the risk to the “downside” and the uncertainty of how far that rally may extend at this point has our indicators showing to not try and play this to the long side yet.  Therefore, we will maintain our SELL position short the market until our indicators show otherwise.  We will keep you posted.  Yours for Safe Sailing in Bull and Bear Markets.