TSG – Rallying on the wall of worry…

Dear Trader,

TSG Stock Market Letter
Week Ending May 22, 2009
Topics Discussed This Week:

* Rally on hold…
* Leaders move up
* Earnings still weakening
* Builders get more optimistic but no support from data
* Elliott Wave SPX Perspective

Now ten-weeks old, the rally spent a second consecutive week
consolidating, with the standout exception … Dear Trader,

TSG Stock Market Letter
Week Ending May 22, 2009
Topics Discussed This Week:

* Rally on hold…
* Leaders move up
* Earnings still weakening
* Builders get more optimistic but no support from data
* Elliott Wave SPX Perspective

Now ten-weeks old, the rally spent a second consecutive week
consolidating, with the standout exception of the emerging
market ETF which moved more than 5% higher. Up more than 30%
from its March 6 low, the S&P500 index is still 4% above its
50-day moving average.

So where now brown cow?

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