Markets Remain Mixed

The markets remain mixed and directionless, and volumes remain low. Indexes remain close to the 50 and 200 day moving averages and until we have definitive higher highs and higher lows above these key moving averages, the sideways/downward trend remains in place. Also volumes remain lower than average, leading to more random price movement. Mr. Don Vialoux of www.timingthemarket.ca, states that his technical analysis of the markets suggests we should see a 20% retracement from the recent highs over the next two months. He would also like to see a retest of the March 2009 lows, which would represent a key buying opportunity. In the meantime, markets continuing to drift up and down in the short term would not be surprising during this period of low volumes.

Futures this morning are negative along with the DAX, indicating a negative open. The market condition scans are showing a mostly neutral bias but are slightly skewed to the negative. The market bias indicators remain neutral.

Index	Change	%Change	Level	Phase
TSX	+204.21	+2.06%	10100.93	Warning
DJIA	-23.05	-0.28%	8299.86	Bearish
Nasdaq	+27.42	+1.55%	1792.34	Bullish
SP 500	+5.84	+0.65%	900.54	Bearish
Russell 2000	+5.18	+1.06%	494.95	Warning
NYSE	+36.23	+0.63%	5795.72	Warning

Source: Telechart

Short Term market outlook:

Bias: Scans showing a neutral bias

Energy: weak

Primary Trend: sideways

Sector	Phase
Consumer Staples	Recovery
Healthcare	Recovery
Technology	Bullish
Utilities	Recovery
Energy	Distribution
Financials	Bearish
Industrials	Bearish
Materials	Distribution
Consumer Discretionary	Bearish

Source: Telechart