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MDM - Model moves to CASH/NEUTRAL on July 9, 2013

The model has switched to cash. The major averages cleared their respective 50-day moving averages, with the S&P 500 being the final major index to do so on Friday. The Russell 2000 closed at new all time highs on Friday.

We are at the start of earnings season. Alcoa (AA) kicked it off with its earnings coming in favorably, sending futures up in premarket trading. Last season, as can be seen in the price/volume action in the major indices, the market somewhat stumbled on overall weaker-than-expected earnings with the S&P 500 bouncing off its 50-day moving average, and the NASDAQ and Russell 2000 both closing below their respective 50-day moving averages before resuming their QE-induced uptrends.

The model is nimble in this environment thus signal switches may occur more often than usual.

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