NOTHING NEW TO REPORT

THE TRENDS:  As you can see from the chart of the weekly SPY, the market closed lower than it did the previous week.  At the beginning of the week the market rallied above the 10 week moving average only to close below it at the end of the week.  This should prove to you how formidable this average is.  Last summer, after the market declined below this average, it took 11 weeks for the market to rally above it to signal another up leg in the long term bull market.  The long term trend remains up/neutral, but the intermediate term trend remains down.

LONG TERM FUNDS:  I'm on the sidelines until the market breaks decisively above the 10 week moving average.  Have a great weekend everyone!