Over the past week our market health indicators had a slight improvement. However, the improvement isn’t keeping up with the rally in the S&P 500 Index (SPX). Overall the indicators are very weak considering the market is within a few percentage points of an all time high. All we can do is wait for clarity. I suspect we’ll see enough changes in the next few weeks that we’ll either be removing hedges or adding more. Bottom line, the market is still trying to decide what it wants to do.  As a result, we’ll wait patiently with a moderately large hedge in place.

Below is a chart that highlights our core health indicator categories.