Think that Sandspring.com has been relatively quiet of late? You haven't seen any vociferous bearish perspectives on our pages?

Well that is certainly the case - we are in limbo. Unlike most who consider the long term fundamentals of the U.S. economy to be sound, while just the short term picture is a little more indefinite and shaky, we think quite the opposite. The long term picture to us is clearly one of gross equity overvaluation that will lead to a protracted period of disappointing equity returns -- perhaps for over a decade. It is just that the short term technical picture that is not all that bad. We still dislike the Nasdaq, but can make a positive case for the NYA. Perhaps the most clean and interesting looking technical pattern continues to be the series of inside months on the Value Line Index. Watch for a break of this four month "coiling" pattern to signal our next intermediate trend. Until we get such a resolution, a bit of patience is necessary. We're certainly not missing much sticking to the sidelines.

Chart produced using Advanced GET End-of-Day

As one small comment while waiting for further clarification of the short term technical picture, we have published some stories of indiser trading machinations -- past and present -- that have occured in some of the ever-so-popular high tech stocks of the past year. This article is entitled "When Insiders Rule" and is available in the subscriber-only section of Sandspring.com. (Non-subscribers - see purchase terms below). We have also now released to the public the text of "A Certain Fixation," a previous missive written at the height of the early March equity madness. Please enjoy it by clicking here.

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Sand Spring Advisors provides information and analysis from sources and using methods it believes reliable, but cannot accept responsibility for any trading losses that may be incurred as a result of our analysis. Individuals should consult with their broker and personal financial advisors before engaging in any trading activities, and should always trade at a position size level well within their financial condition. Principals of Sand Spring Advisors may carry positions in securities or futures discussed, but as a matter of policy will always so disclose this if it is the case, and will specifically not trade in any described security or futures for a period 5 business days prior to or subsequent to a commentary being released on a given security or futures.