We took out 3 major moving averages today, 20SMA, 50SMA, and tagging the 100 SMA which finally stalled the bleeding. From a technical point of view we’re working with damaged goods now. We’ll spare you the “stock picker’s market, be cautious, raise cash” cliches, but we think we’re in for a range bound grind of a summer going forward. Oh yes, and this will be a stock picker’s market, please be cautious and raise some cash.
Four slow steps up, and one very dirty fast move down.