Here is our monthly update on major indexes for our international investors.

Another month has gone by, and not much has changed as all global indexes we track are on long term sell signals.

$SPX - sell signal in January 2008 ended the buy signal of May 2003.
Most other major indexes around the world follow this pattern.
$SPX is down 17% since our major sell signal.

$TSX - the Toronto index finally joined other global indexes on a major sell signal this month.

Land down under is down 20% since the major sell.

Brazil is down 23% since our major sell signal last month.

India is down 20% since the major sell.

France is down 30% since the major sell.

Germany is down 18%...

London is down 17%...

Hong Kong is down 18% since the major sell.

Tokyo is down 27% since the major sell...

Shanghai is down 47% since the major sell.

This month's candlestick suggests that a corrective rally may finally begin in the next few weeks, but it is far from a major buy signal.

Philippines is down 17% since the major sell..

Taiwan is down 24% since the major sell.

Summary

All global indexes we track remain on major sell signals this month.

Long term investors should be in cash or fully hedged until a major buy signal.