I guess everyone, including me, is asking the question, "What the hell is going on?"  Since my last update, not a whole lot has happened here, even though it seems as if it has.  The S&P broke down through its October 10 lows on November 20 and closed above those Oct. 10 lows on Nov.

Yesterday the ARMS index closed at 9.84. A closing ARMS index of higher then 9.00 is a rare event. Since 1965, the ARMS index closed above 9.00 four times (counting current reading). The three previous times the ARMS index closed above 9.00 the market staged an intermediate term rally.

Summary

All global indexes we track remain on major sell signals this month.
Long term investors are in cash or hedged and will remain so until major buy signals.

Here is our monthly update on major indexes for our international investors.