Daily Market Assessment

Time to be Cautious!

I was unhappy about yesterday's market action. The SPX ended slightly below support at 1430, and needs to recover sharply to avoid more selling from fund managers sensitive to that indicator. What's worse, the gentlemen from the Fed, ol' Uncle Ben, is back in front of the microphones today. We liked what he said last week, but my gut tells me that we're not going to like what he says today. I'm moving to the bear side short term!

Summary: Short term bearish, Long term bullish.