The Delta Market Sentiment Indicator (MSI) is at 57.4% today, up from 50.2% a week ago. The market has gained strength technically and we are looking for an opportunity to put new money to work. Stocks trading above their 10-day moving average is roughly 80%. This is a measure of short term overbought. We will be watching this much shorter duration moving average closely to judge the near-term attractiveness of the market. We expect to see a consolidation or modest pull back in equities at which point we recommend buying the dip.
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