an tSionna {07.08.11}

Holiday shortened week of posting, part vacation and part blogging issues. Market has had quite a move in these past two holiday shortened trading weeks. It's up about 7% during that time. All things considered that's a pretty good move. There are all sorts of reasons suggested for the advance {Greece, better economic data etc.} From our perch market seasonality and the fact that we were oversold enough that a market rally was a distinct possibility led us to upgrade our short term market rating up to Net Market Positive back on June 10.

This is a pretty good move all things considered. Valuations are a bit more iffy at this level as well. While this move might be the start of something bigger, those seasonal variations we've previously discussed suggest the possibility that we could stall out somewhere in this area. As such we're going to move our shortest term rating down a notch to Net Market Neutral. We leave our intermediate and longer term ratings unchanged. You can go here for a definition of these terms.

On a side note business is going to make posting somewhat spotty for the next week or so. The next post here will be on Tuesday.

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