Ratings Changes

To reflect what we've done since the middle of last week we will change our shortest term rating to NET MARKET SELL and lower our intermediate rating to NET MARKET NEUTRAL.  You can go here for a definition of these terms.  

Remember these are not market timing calls.  These simply reflect what we have been doing in client accounts on a net basis.  These moves largely reflect the very overbought nature of the markets and the fact that we have had such a strong move since late November.  I still believe that stocks have the potential to move higher between now and the end of the year.  It seems though that a pause is in order and to reiterate again this simply reflects what we've been doing for clients as both the game plan and the playbook say that a more defensive posture is warranted at this time.