The vast majority of our ETFs declined slightly last week, one percent or less. The only ETF that rose, albeit a small rise, was VNQ. The previous week it had moved to within 5% of changing to a Long Term downtrend so it’s arrow shifted from green to yellow. We warned the yellow arrow should be viewed as a cautionary note and not a pre-sale signal and this week, as if on cue, VNQ rose out of that range and it’s arrow is back to green. That was the only change to our model this week.
