Market Comment 07 17 2011

The market has been in a very choppy trading range much of the year. On the S&P 500, the upper boundary is 1370 and the lower boundary is about 1250. We are currently in the middle of the range. This coming week should provide us with more clues as to whether the market will break one way of the other.

Our market direction model is getting close to a sell signal. If the market is weak this week the model will likely issue a sell signal. For now, we remain in cautious buy mode.

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