July 2, 2010

US equity market opened up, drifted down, closed down. Pre-holiday so volume light and meaningless. Economic headline was about payrolls – which sucked even worse than expected. No general headlines.

Short-term: 4 yellow lights – tending yellow/red

Intermediate-term: 2 yellow, 2 red lights – tending red

Individual equities: 14% swimming OK (mostly deteriorating); 25% treading water; 62% sinking.

Summary — No trading advantage. Shorting is now risky again. Dangerous for investing. Not much to target. Top-down macro-level factors still seem to be driving the market. These are the times that are made for cash.

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