WEEKLY MARKET UPDATE

The long term trend remains up but the intermediate term outlook remains muddy.  On Monday of this week the market opened much lower than where it closed on the previous Friday.  While the market closed higher today than where it opened on Monday, it still closed lower than the previous Friday's close.

CONCLUSION

This last week's price action makes it really difficult to tell which direction the market may take on an intermediate term basis.  I stand by the position that I've taken in recent weeks until the market can prove it can break out to new highs.  By almost every metric I look at the market is overstretched to the up side.  I would tend to be more conservative than aggressive at this juncture.