an tSionna {06.09.11}

Market is down now about 7% from its highs of early May.  We have now pulled back to an area where valuation begins to look more compelling.  I also like the fact that we are quickly becoming over sold.  Whether we begin an upside rally from these levels or from levels slightly lower, odds are such that some sort of summer rally taking hold has to be factored into the equation.  We shall see.  Economic news is pretty gloomy right now.

*Long ETFs related to the S&P 500 in client and personal accounts.