1 May 2012

 Neither overbought nor oversold in medium term.

 The summation of my medium term index has remained persistently weak.

 Slight decline the last two days in the short term index.

Its summation also remains below peak levels.

There is weakness.  The question will be if VIX wants to try touching 15 again before a significant sell off.  The junk (LYG and others like BAC and RBS) finally began to rally today which means this small cycle is likely running out of time.