Highlights

• We want to get past this period of volatility and uncertainty as much as anyone, but until the data as we measure it shows improvement, we are reluctant to embrace this market rally.
• Despite this rally, most stocks (62%) are still in a monthly timeframe downtrend in our trend model, and leadership is unmistakably defensive in nature.
• We will once again have the ingredients for a sustained bull market in time, and we look forward to that day.
• It's just that today. . .