WEEKLY MARKET UPDATE

This update will be short and sweet.  As you can see on the weekly SPY chart, the market closed at all time highs for the 2nd time in the last 3 weeks.  Both the long term and intermediate term trends are clearly up. Until we get a weekly close below 163.70 (the high made in May) the intermediate term up trend remains intact.

SOMETHING INTERESTING

This past week I was listening to NPR where they were reporting on the economic news.  One of the statistics they cited was the improvement in the unemployment rate which now stands at something less than 8%.  But the reporter went on to say that of the total available work force, the number of people actually employed today is 4 percentage points less than when Obama first took office.  You can play that game with virtually any economic number that comes out, which makes them unreliable for purposes of forecasting trends.  But you cannot fudge or shade the direction of interest rates and yields, which have proven to be the most reliable fundamental indicators that I follow when it comes to detecting long term shifts in stock market trends.  Have a great weekend!