Trading range with a potential upside bias is anticipated. Outperformance of the NASDAQ is a positive despite underperformance of financials. Dow Theory remains on a buy signal and major indice ETF’s (especially IWM in recent trading) have confirmed uptrends. VIX continues to weaken while NYSE summation index recently crossed up through its EMA 20. Our strategy is to add strong relative strength stocks and, considering the trading range environment, shorting ETF’s currently trading below their EMA 34 (foreign ETF’s are meeting this criteria, especially considering the recent dollar strength).