Merry Christmas!

In keeping with the spirit of the season, I wish I could be more upbeat about the future for stocks.  However, there were no changes in my model last week and it remains at a zero level of exposure to the equity market.  Earnings expectations continued to decline last week and are just barely still hanging on to a neutral-bearish classification.  Valuation and sentiment are both poor also.  As measured by the Value Line Geometric Average, the average stock is now down about 16% from its high and I fully expect the major averages to catch up after what may be a year-end rally in the final days of 2015.