June 28, 2011

Short-term: 2 green, 2 yellow
Intermediate-term: 2 yellow, 2 red
Composite: Neutral

I’m as unconvinced about the future of the market as my indicators. We’re also at month-end and quarter-end, along with the technical stuff mentioned yesterday. And QE2 ending (formally – the Fed is still finding ways to give free money to its favorites) in a few days. And earnings season coming up. And Greece/eurozone. And US debt-limit arguments.

Combine all that with anemic summer volume and it is hard to make a case that anything significant/meaningful will actually happen. The market is too volatile right now to be classed as “complacent”.

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