The Fred Report - Mid Week Update August 25, 2010

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When I look at most of the indicators the market still looks ok.  Buy signal from the second of July has run its course.  Sentiment remains bearish, but can get more bearish.  Our plan since mid August has been to get aggressive on the long side above 114 on the SPY, and this remains my favored approach for now.  At the same time, I do not see big opportunity on the short side of the market, in spite of the potential for a test of the 95 – 90 area on the SPY, as we have mentioned. 

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