Condition Bear Market
S&P Target 970
Hedge XLE -0.35%

Position Date Return Days Call
BKI 5/31/2011 4.17% 105 Hold
CFI 6/22/2011 -4.73% 83 Hold
SE 6/27/2011 -4.99% 78 Hold
AWR 7/5/2011 -3.64% 45 Closed
CLH 7/6/2011 1.84% 69 Hold
GCI 7/14/2011 -27.41% 61 Buy
AGO 8/5/2011 -11.30% 39 Hold
DISH 8/10/2011 13.40% 34 Hold
GTAT 9/8/2011 -6.19% 5 Hold
NA NA NA NA NA

Mousetrap Return -4.32%
S&P Return -8.06%
Hedged Return -4.63%

Mousetrap Annualized -27.34%
S&P Annualized -51.06%
Hedge Annualized -29.31%

Annualized Advantage 23.71%
Hedged Advantage 21.74%

My friend Len – the market timing expert – tells me that breadth is behaving consistent with a rally here.

I don’t think either of us are expecting anything more bullish than a quick run toward the long term moving averages.