MAY DAY

MAY 2010 now goes on record as being the WORST may in over 70 YEARS of market history! and one of the worst monthly declines on record.

Now we MAY be in a primary uptrend, those who contend this say the TOP count in APril did NOT warn of a major top, data was very strong, rally was healthy.

$1T has come OUT of Money FUNDS and INTO this rally, so money on sidelines has participated and was eager to come in, 2007-2009 bear didnt dent their enthusiasm.

Weakness around the world make US look less weak? Proliferation of HFT done by computers may be skewing the human element of market data.

If Primary Uptrend is not over, then NEW RALLY HIGHS can be expected before it is done.

VOLUME has EXPLDED on the declines, receded on the rallies....not everything lining up well for me in the tea leaves.

Given 75% gains, given world backdrop, and many points I have made, I remain cautious this market

D