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ETF_Rewind
Dear Subscriber,
The Energy sector led today's moderate S&P gain.  We still have a slight downside bias for tomorrow's trade, but thus far seasonality has carried the day [see Woodshedder for historical runs].  Volume was particularly light, and the five-day moving average is literally running sideways set against increasing negative divergences in breadth.  However, in the end markets posted higher highs and higher lows, and that is all that matters.  Meanwhile in the news, keep an eye out for potential sovereign credit ratings cuts ahead for France and Belgium, as well as discussion regarding termination of the mortgage-interest deduction, either of which could change sentiment on a dime.

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Very truly yours,
Jeff Pietsch

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