Weekly commentary

After my bullish call on May 2nd, the market has rallied nicely since then. While we are quickly approaching the short term resistance area, I go back examing my stance. Like I said in my blog on Friday, I turned neutral. That means easy money has been made, now I need the market to prove itself. I categorize this little rally as a bounce in a intermediate term down trend, because we are still firmly in a lower low, lower high situation. The important question is whether the market will penetrate the April top first that will turn the trend around and will make me more bullish. So stay tuned.