TSG – Rally over or just resting?

Dear Trader,

TSG Stock Market Letter
Week Ending May 15, 2009
Topics Discussed This Week:

* Rally backs off…
* Leaders languish
* Earnings continue to weaken
* Trade deficit rises, Treasury sales inch higher
* Market Yin and Yang
* Elliott Wave SPX Perspective

After nine weeks of gains, the rally finally came to an
end this week with all-red … Dear Trader,

TSG Stock Market Letter
Week Ending May 15, 2009
Topics Discussed This Week:

* Rally backs off…
* Leaders languish
* Earnings continue to weaken
* Trade deficit rises, Treasury sales inch higher
* Market Yin and Yang
* Elliott Wave SPX Perspective

After nine weeks of gains, the rally finally came to an
end this week with all-red across the board for the major
indexes. Up 36% from its March 6 low last week, the S&P500
gave back 5% this week but the index is still nearly 6%
above its 50-day moving average. And as we see below,
earnings continue to decline…

So is this the end of the rally or just a little profit
taking?

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