Buy Buy Buy - NO WAY!!!!
To the left is the updated S&P chart through early this morning. A couple of points. First, the widely covered 200 Moving Average displayed on the chart, has prove to be of no value once again. It is just a line on a page, having no statistical significance.
Second, the market is clearly in a downtrend. I had warned here on May 10th of the bearish setup in stocks. That feeling has not changed. As you can see below, the commercials are not buying this dip yet. As a result, there is no reason, during a bad seasonal time, to even consider getting long here.
The market is extremely oversold on a short term basis, having had 7 consecutive down closes. As a result, a bounce could occur at any time. All that will be is an opportunity to get out. I would not recommend any new long positions at this time.