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	Market Opinion July 10, 2010 [Stocks] SHORT TERM: (3 days - 3 weeks) - I will not be doing short term opinions, unless demand should warrant it. MEDIUM TERM: (1 month - 5 months) - Neutral/Buy - On an intermediate basis, the technical condition of the market has changed. I am now expecting a rally for a couple of months. I would suggest a risk portion of your portfolio in indexes, or the equivalent. LONG TERM: (More than 6 months) - Sell - Long term, nothing has changed. It will soon be apparent to everyone that we're sliding back into recession. 3rd quarter GDP will likely be negative and that trend will last for months. [Bonds] LONG TERM: - Sell - I'm inclined to say, "Cover all shorts on Munis". But I can't. There is just not enough recognition, in the bond market, of the coming problems. I don't think there are bailouts in store for Munis. That means they have a lot further to fall. [Gold] LONG TERM: - Sell - Gold sentiment seems to have hit an extreme. A fast and furious drop is possible. Fundamentally: (1)inflation is not a problem, deflation is the problem, (2)the dollar is not crashing. [Real Estate] LONG TERM: - Buy - Most real estate has not hit bottom. But your best deals come long before the actual bottom is reached. The whole thing has me excited. I have my ear to the ground, searching for deals. Believe me, they're out there. Can you recognize one? If you need help, call me! [Antiques/Collectibles] LONG TERM: - Buy - This asset class will always be very rewarding for those in-the-know. As long as world economies depend in ‘fiat currencies’ this baby is solid. But, you have to do your homework. Smart investors are trend followers. There are no PE’s to get out of whack, so prices can go to the moon. Don’t be afraid to buy inexpensive items, but always go for “quality and a theme”. Disclaimer: This analysis is only for informational and educational purposes and does not represent a proposal for buying or selling stocks, bonds, gold, futures contracts, or investment grade assets of any kind. BCS, Inc. is not in the business of selling Market Advice.

Market Opinion
July 10, 2010

[Stocks]

SHORT TERM: (3 days - 3 weeks) - I will not be doing short term opinions, unless demand should warrant it.

MEDIUM TERM: (1 month - 5 months) - Neutral/Buy - On an intermediate basis, the technical condition of the market has changed. I am now expecting a rally for a couple of months. I would suggest a risk portion of your portfolio in indexes, or the equivalent.

LONG TERM: (More than 6 months) - Sell - Long term, nothing has changed. It will soon be apparent to everyone that we're sliding back into recession. 3rd quarter GDP will likely be negative and that trend will last for months.

[Bonds]
LONG TERM: - Sell - I'm inclined to say, "Cover all shorts on Munis". But I can't. There is just not enough recognition, in the bond market, of the coming problems. I don't think there are bailouts in store for Munis. That means they have a lot further to fall.

[Gold]
LONG TERM: - Sell - Gold sentiment seems to have hit an extreme. A fast and furious drop is possible. Fundamentally: (1)inflation is not a problem, deflation is the problem, (2)the dollar is not crashing.

[Real Estate]
LONG TERM: - Buy - Most real estate has not hit bottom. But your best deals come long before the actual bottom is reached. The whole thing has me excited. I have my ear to the ground, searching for deals. Believe me, they're out there. Can you recognize one? If you need help, call me!

[Antiques/Collectibles]
LONG TERM: - Buy - This asset class will always be very rewarding for those in-the-know. As long as world economies depend in ‘fiat currencies’ this baby is solid. But, you have to do your homework. Smart investors are trend followers. There are no PE’s to get out of whack, so prices can go to the moon. Don’t be afraid to buy inexpensive items, but always go for “quality and a theme”.

Disclaimer: This analysis is only for informational and educational purposes and does not represent a proposal for buying or selling stocks, bonds, gold, futures contracts, or investment grade assets of any kind. BCS, Inc. is not in the business of selling Market Advice.