That's basically what the market has been for the past three or four days. My timing tool is still showing the market as weaker, as such, I'm still short. I did switch over to RUSS on Friday, although I now wish I would have stayed in EDC. I may go back to EDC today. We'll see how the day ends.
Various blogs and news sites feel the market will continue to go higher from here. I'm not seeing it. I will say the market has held up well these past few days, but I feel that over the next week or two we will be lower than we are today. I do think we will get a one or possibly two day bounce this week, but I think it will be more of a fake-out before the big selling comes in.
I have not been sold on this two month rally (I'm not sure you can call it a rally.) We never hit a bottom at any point before that. It came close on 6/4 and a another day or two of selling would have been great. Instead the market bounced up and we are where we are today.
I'll continue to rely on my market timing tool. If it does reverse to a buy I'll trust it and get in.
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