Sunday Evening  20 June 2010

 The last article was on Tuesday evening, 15 June, and we concluded by saying there was no clear
direction. [See S & P - Review The Known Facts, click on
http://bit.ly/cYAeU6,
last paragraph.]

 When one cannot get a strong handle on a market, the best decision can be to make no decision and
wait for clarity, something to confirm that a move will continue, or reverse, and THEN look to take a
position in harmony with the prevailing direction.

 If we had any expectation, based on the small range, weaker volume weekly close from Friday, we would
look for a correction, second bar from the end.  The last bar on the chart is Sunday evening activity, with
price up 15 points.

 If we had any expectation, based on the daily chart where price on Friday's small range closed poorly,
[second bar from the end], plus there had been a lack of upside movement and a clustering of closes, we
expected a correction. 

 The last bar, again, is Sunday evening activity, and it demonstrates why it is so important to let the
market confirm its intent.  1130 remains as the half-way retracement and can be potential resistance,
so one need not be rushing in  believing the move is being missed.  That is a "fear" motivation; not one
based on a look at the known facts drawn from developing market activity.

 1141 to 1170 can be upside targets.  What we look for now is a weak pullback that may afford a low
risk entry on the buy side, if the current rally acts well.  The risk of "chasing"any market is for amateurs.
We will wait for an entry that makes sense.