Weekly Update 03-22-2010:

The market still appears to be in a topping pattern.  Every technical indicator that we follow is at an extremely overbought level and our SELL signal is still very strong.  The Health Care Bill passed yesterday in the Senate and immediately the S&P500 futures dropped in the overnight Globex session.  So the market will most likely open lower today.  However, the “Three Musketeers” (Mysterious Market Manipulators) could implement their frequently curious Monday Morning rescue operations and still bid the market up.  However, other than the Health Care Bill passage there’s not a lot of other economic news today.  However, the remainder of the week has some news items that if interpreted “bullish” have the potential to run this market up a bit higher possibly pushing the Dow up into the 11100 resistance area, and the S&P500 into the 1170 area before turning into a more major downturn; but as overbought as the market is this seems to be a less likely chance at this point.  We will monitor the situation closely and let you know if anything changes.  Otherwise, we remain in our SELL position until further notice.  Yours for Safe Sailing in Bull and Bear Markets.