Market Summary

Market sentiment has turned distinctly bearish in all time frames as the market found support at the 61.8% retracement (red line on daily chart) of the entire move from the February lows to the recent highs. Look for a bounce up from here but just how high the markets can go is questionable. I will be watching the markets carefully for the development of a new wave count. Click on chart to enlarge.

Compare the prior table posted on May 1 with the one below. It is amazing how the numbers can change so radically and so fast. The small cap index, which on May 1 was top of the list and up nearly 12% for the year has today, 6 market days later, dropped to just over 2% positive for the year. But what is really amazing is that the dollar is up the most and now tops the list followed by gold via the GLD which is number two for the year. For the week most markets took a hit while the dollar and gold did well. Click on table to enlarge.