As we finish up May, it has been clearly evident that this mkt. is showing glaring signs of weakness. However, I am still anticipating another run up. I certainly could be way off base, and this may be the beginning of a big drop, but I just think that the bulls have one more shot in them before getting taken out to the woodshed. The 200 ma has been taken out by most of the indices, and looks to now play the role of resistance. However, the more it gets tested AND breached, the less of a factor it will become. There is a distinct possibility of a head and shoulders pattern set up on the SPX, and that would require another leg up from where it is now. All in all, the VIX remains high, the v will likely shrink into the summer, and there is a lot of bad news out there, so I think we will continue to see very volatile days, weeks and months. Now onto this week’s video.
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