http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

While the 1000th letter is in preparation this comment  is in order.  What we have conjectured as a zeta wave looks strong enough to be showing buy signals.  We will be adding on to our S&P positions.  At the same time  we  should be expecting a modest downwave here.  Contrarians can’t stand a long run such as we have seen here.  What one does in these cases is scale in (three to five tranches).  Buy now  and double up on the pullback and then increase the position when the high is exceeded.