Bulls Last Hope

My system barely moved lower to right under +800 and this is about the weakest confirmation of a sell signal we are ever going to see so I wouldn't make too much of it until there is a more defined market movement. My system has barely moved between +775 and +825 in the last 4 trading days and that is clearly illustrated in this indecisive market. I stated yesterday that a decision would be made by the market before the week was out and that has not happened as of yet and may not. Clearly, my assessment last week that the market move would occur in the first three weeks of June was the better analysis and I should have known better than to expect much of a move in a holiday-shortened week. The major indices have also held up well despite what I thought would happen if the $HGX broke down. But has the $HGX broken down? That is the million dollar question as today was decidedly ugly but I stated a few posts ago that a close below 78 would be the confirmation of a breakdown and just as we got a bullish failure on Wednesday, today we got a bearish failure as the penetration of 80 was rejected and the $HGX had a very good close back into neutral territory. So what now after these tremendous whipsaws? Well, the bears are given a very slight benefit of the doubt here. I bought about a third of my bearish allocation today and won't add to it until today's low is broken while I would cover these bearish positions if we clear this week's high at 88 and change. On the other side, I will not be selling any of my bullish allocation to equities as my intermediate to long term view is still bullish. I just don't see a Depression, maybe I'm wrong. Going off on a slight tangent, why is General Motors still trading above $1 if it only has one trading day left before it declares bankruptcy? Is there a surprise coming that no one sees or is the option position on the $1 puts so large that it will gradually head down until expiration is over in June making sure that no one makes any money on these puts? I'm only a spectator on GM but it's bizarre that the stock is trading where it is if everything is going to happen the way everyone expects it to happen over the weekend. Speaking of this weekend, that's when my next post will be. Have a great end of a topsy-turvy week!