The Major Trend Index increased 0.05 points to ratio of 1.17 for the week ended December 9th, led by the largest one-week gain in the Momentum/Breadth/Divergence category since mid-July. Some developments contributing to that gain were detailed in last Friday’s “Chart of the Week,” and suggest that a final bull market high is unlikely to be made during the next three to six months. Our tactical portfolios remain positioned with net equity exposure of 63-64%.