Reality Sets In

It looks to us like the panic in the market is behind us, but nothing has stepped in to the void.  75 percent of the overall decline from the S&P 1570 high to the projected 600 technical low of the macro cycle is history. 

The hope of the new Administration hangs out there but we are stuck in a no mans land at the moment. Basis the S&P 1570 and 600 numbers, the macro cycle swing-point is 1081 and that is the new resistance that has evolved with 842 as the short-term support level.  We are comfortable being long under S&P 900 and being patient.  Our Conservative Portfolio is 50 percent long and the Aggressive Portfolio is 110 percent long. 

Buy and Hold as a general approach to the market is generally viewed now as history by most investors, so knowing the trading range is probably the only thing of value.  For now that S&P range is 842 to 1081.

7:55 AM CST

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