Weekly commentary

As I said the market is overbought, it needs to cool down a bit, Nasdaq fell 1.2% on Friday, leading the market down. This was the worst day for the Nasdaq since April 28th. This didn't prompt me to turn bearish, because volume is weaker. Friday was the lightest volume day of the week. Also we have just come off a fabulous one-month run that is an unsustainable pace. Some pullback or testing support is normal and actually good for the market itself. So I remain bullish longer term; short term I remain neutral, I think the pullback may last a week or two.