Our core market health indicators didn’t change much this week so we made no changes to our core portfolios. Market Positives Our market risk indicator started showing concern during the selling on Thursday, but recovered substantially after the market bounced.  This is the indicator we feel is most important to watch in the current environment.  Higher concern about the Fed tapering QE or Japan’s woes will almost certainly show up in market risk before we see it in any of our other indicators. As we mentioned on Monday we felt like the S&P 500 Index (SPX) should catch at 1600 due to multiple forms of support converging.  The two strong days that have followed indicate there were buyers waiting for that level which creates a good line in the sand. Our measures of market quality, trend, and strength are all positive.  The selling last week didn’t do any substantial damage which indicates strength in the internal structure of the market.  In addition, our market stability indicator held up fairly well

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