Overview Friday 14 August...

The bears actually sort of got something going today, but not enough to make me think the tide is turning. However, the bulls were able to take us higher into the close and off the lows of the day, though we were still broadly red on the day. Volume was low, as it was a summer Friday and the newsfow was pretty tranquil. It was a good day for a vacation day.

Short-term bias: bearish (I'm still maintaining this as bearish, if only because I'm not chasing, but I do believe we had a buying climax)

Intermediate-term bias: bearish (I still think this correction will take us lower, perhaps to 800 on the $SPX and I don't think we're ready to power higher quite yet)

Long-term bias: bullish (I believe we put in meaningful, long-term bottoms in March, and would use the aforementioned correction to increase long exposure)

Pick updates:

Aside CELG, which was flat, and BAC, which was up, everything was down. On the whole, the losses were pretty benign, as the market rallied into the close.

I've removed BNI and SGR from the list, as well. I've also culled the prospects list considerably.





Position: long $SPX index fund in 401k