In a word, I'd say indecisive - that is how I view the current market. The SP-500 momentum has improved (above 50 now), but long term treasuries have also stayed intact. Furthermore, the volatility of the market as measured by the percentile of the 7 day average true range looking back 80 days is also high. Lower percentile (roughly below 4) rankings have been associated with more bullish markets. So I'm still holding off at taking any position in stocks, but continue to review daily for a significant shift in the market.
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|Momentum SP-500 vs. TLT for June 24, 2012|