More Constructive Short Term

The action this week has been constructive. The market is acting well even though participants have been distrustful of the rally. Overall we have seen put buying and Rydex traders about as bearish as they have been all year. This makes me believe that any downside will be limited and that the lows of last week will hold. I still think the market will run into problems in the intermediate term but now doesn't seem to be the time.

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