July 6, 2010

Equity market opened up, drifted down, closed up. Basically, tried to play post-holiday catch-up with Europe/Asia – and didn’t succeed. It’ll be interesting to see what Asia/Europe do in response.

Short-term: 1 green, 3 yellow lights – tending yellow

Intermediate: 2 yellow, 2 red lights – tending yellow/red

Stock targets: 13% swimming (mostly deteriorating); 21% treading water; 65% sinking

First short-term green light since early June so market may be preparing for an oversold bounce.

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