THE TRENDS: Both the long and intermediate term trends remain up. As you can see in the weekly SPY chart, it closed higher than last week and above both the important averages (10 and 40 week). Just as important, although the market closed lower than where it opened on Monday, it rallied late in the week after selling off earlier in the week. This is typical of bull market behavior.
WHAT I WOULD DO LONG TERM: I would stay in 100%. However, I'm watching the longer term charts like a hawk now to look for signs that the market may correct again. We are nearing the price levels reached in March 2008 where the market tanked over 54% over a 12 month period. I'll keep you informed. Have a great weekend!
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