21 JUL 2010, Wednesday

• I've been quiet since there isn't much to say for longer term investors.  I warned in mid-April and May was not pleasant going negative below the 50/90MA's and staying below despite hearty bounces.
• There is a battle going on right now between the bulls and the bears.  Big overnight gaps that immediately reverse and go the other way big....treacherous.  When volatility starts picking up it can often indicate a negative outcome...it's a warning but not a guarantee.  Possible swoon to the 930/880 area by the fall?  August and September can be some harsh months. 
• Careful out there.