SGS is still short, but very close to going long. A strong up day either tomorrow or Friday would turn SGS long. At that point, RTS would cover its current short portfolio and open a new long portfolio with 10 long positions. As usual, I would post as soon as that happens (if it does that is).
Personally, I don't think Market is going much higher. At best, maybe SPX 1140 - 1160 sometime in August. After that I expect an accelerated and nasty move to the down side. I expect SPX to retest its March 2009 lows (700 to 650) sometime in 2010-Q4 or 2011-Q1.
Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice. Furthermore, the opinions expressed may change without notice.