The market has managed to climb higher despite the very negative sentiment that has yet to lift. As long as sentiment is this negative and the market is oversold I am inclined to keep my positive bias. My biggest concern is the situation in the EU. The possibility of a default,even if it is an outside chance, has kept me from getting as aggressively long as I would have liked to be.
Putting Europe aside, the biggest obstacles right now seem to be Apple and poor seasonality. Apple is a widely owned stock and it likely is not giving investors warm and fuzzy feelings about the stock market. The good news is that it seems Apple is in the purging stage as it has broken many obvious technical levels. Seasonality continues to be negative but will turn positive next week.
I will be in a conference today so posts will be sparse.