June 14, 2010

Good afternoon. Right now we are concerned with this market being at a top again and getting ahead of itself. Technically we may have another 3 to 5 points on the S&P before another drop. This market weakens at this level and now we may have a perfect formation to fall back down. Keep in mind also, nothing has been settled in Europe and it remains a black cloud hanging over WallStreet. We remain cautious but see plenty of opportunities on both sides of the trade.

Let’s play it safe right now and remove a profit off the board. Sell our FLEX position at 6.78 or better and book the 5.1% return.