Russell 2000: +2.57%
Nasdaq Comp.: +2.11%
S&P 500: +1.74%
Dow: +0.69%

The market held its lows last week.  WE had the first signs of life in the whole month of may last week with the s&p up nearly 2%.  The action was still choppy as there were numerous headfakes intraday as the market kept showing its teeth and looking like it wanted to break the facebook lows but we would get some swift reversals intraday showing that the bulls still had some ammo left.  Regardless a majority of the gains still came from Mondays big run. The rest of the week we just digested in a tight range.  Defensive posturing is still a must as we have not confirmed any type of reversal.  As of this moment we just worked off a very oversold situation. This market needs an external catalyst which we may get this week as we have a slew of data reports and also more information coming out of europe.  Till that happens this market should be taken as guilty till proven innocent.  Not only do we need to see some big follow through days to the upside but a breadth thrust showing some buying pressure.


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