My Conclusion

I have moved from neutral to bearish on the market based on the factors from my previous post. What has changed since last week?

• The largest factor has been the increase in equity offerings, primarily Bank of America. There is a large offering calendar for the coming week.
  
• The market is no longer oversold, as it was early last week.
• Seasonality is more neutral as we passed the beginning of the month.

I have a moderate net short position and will be looking to increase my position on strength today.