We have had a huge huge move from the early October 2011 lows. We have come too far too fast and are due for a t least a one day pull back or a decline into end of this week to consolidate some of the gains.
The ultimate accomplishment for the sp500 is to be able to get above 1221 and get repeated closes above that range. The sp500 really needs to do that to change the character of the market. If the sp500 cannot do that in the months ahead then I think one has to assume we are still building cause for another huge down leg.
So for now BOT Neutral, although the short term does look like we could get a sharp swing down from here.
I just do not know at this point how well the next down turn will supported.