Major Trend Index Drop to 1.09

              The Major Trend Index dropped 0.04 to 1.09 in the week ended July 3rd, matching its lowest reading since last August but remaining in positive territory. Declines in both our sentiment and market action categories drove the decline, and we responded this week by trimming net equity exposure in the Core and Global Funds to 60% (from prior levels of 66% in the Core Fund and 65% in the Global Fund).