Earnings in Earnest

Despite the market's overbought situation, it managed a small gain that does nothing to change our view point from last week. Indeed, it allowed us to fill our advised sell order from last week. This upcoming week the earnings season comes into full effect, we expect a lacklustre picture with guarded guidance going forward. With the last two weeks gains we see profit-taking as a slow growth picture emerges. We are maintaining our down position, and will add a further 3 'sell' contracts if the market hits 1483. We will also adjust the stop-loss to 1487, but maintain our profit-taking level @ 1422-30.