Market Wants to Bottom
I got back home last night. The stock market wants to bottom but time and price are not right. Economic numbers should continue to inch up but too many market players are out of position with position averages that keep them from more buying until the turnaround is obvious.
The gold / dollar relationship is still flat lining and confirms a bottom is not in yet. For the moment we will stay with our earlier numbers of 878 or 923 on the S&P and timing would now point to mid-July as a bottom time. The China FXI ETF has been gaining against the S&P for the last month but appears to have about exhausted its rally.