This week...

Well here's my thoughts on the upcoming week...

I'm pretty worried about the downside risk of the overall market as well as my holdings. Friday was a bit of a scare and I think we could be seeing the beginnings of a repeat of the May Meltdown (the one I forecasted...see post http://theskinnyreport.blogspot.com/2006/05/spxa-knockout-coming.html). Anyways, the shorter-term indicators are turning negative right around the point where the long term indicators are indicating a long term breakdown. The long term prospects are seriously in jeopardy. Martin Pring, perhaps the most well-known market technician, is now forecasting a major bear market. Take the time and read through the history lesson and support for his argument in the following link. (http://pring.com/articles/return.pdf). I've moved up my stops again so that I'm protected better. These trades have worked out pretty well for me so far and may improve but I'm thinking not, and preparing for that by limiting my risk and leaving my positions open in the chance that my current take is wrong.