Very simply, we are still not fans of these areas. A glance at the OIL ETFs all show a bad drop below the 50 day average…a rally back into it…and now another ugly drop. They even started to get some of the stronger names today.

As far as Gold, still aint happening. Just a slow drift back to the downside. Of more interest was the action in the GDX today. Looks like a pretty good top being put in place. Gold stocks usually lead the metal so something to watch. Look no further than the EURO being smoked for why these commodity areas are being hit. The maniacs in Europe are determined to crush their currency with assinine negative interest rates and now, they have gone to the Bernanke University of maniacal fed policy.




GARY: We do not like micromanaging every day but we do a daily radio show. This makes it tough not to. Today, we have to micromanage one day of action…specifically in Apple. The reason is obvious. Apple stock has a big weighting in many of the indices…and to a certain extent, has a psychological influence on the market. Today, Apple was down over $4…which is not the biggest of deals considering the recent move in the stock. But the 124,000,000 shares traded opens our eyes. This tells us that today, the big money crowd was selling…and in droves. Maybe it is just a one day affair. We are just letting you know for us, it goes into the file manager, front and center. We are big believers in the motto…it is not the news, it is how things react to the news…and whatever the reason for today was…it could be meaningful. Apple has a few big announcements coming up and we will be looking forward to seeing whether it can recover. We thought that it was important to report this to you. More to come on this.




GARY: Since we have recently discussed a few people saying the market was going to crash, we needed to also take issue with the other side…so:

Morgan Stanley strategist Adam Parker and economist Ellen Zentner believe that the conditions are just right for the bull market to keep going for years.

“Our best guess is that an S&P 500 peak of near 3000 is possible!”

This is a guess for 5 years down the road. They basically went on to say that everything is lined up for this to occur. I will not belabor their points because it doesn’t matter. To think that someone can extrapolate today into 5 years from now…good luck. I am here just to make the point just like a Harry Dent calls for 3000-5000 Dow, we want you to ignore both. I have news for you. The market is going to do whatever it wants to do regardless of what anyone thinks. There are just too many variables that can come up to change the playing field. Just realize, most outrageous bear calls come during bear markets and the most outrageous bull calls come during bull markets. Remember DOW 36,000? Wall Street is littered with people who come out with predictions that are far and away from the norm. As usual, my favorite line is that I do not know what I am even going to eat tonight…let alone 5 years from now. JUST WATCH THE MARKET.


Don’t need a long-winded note today. Markets are acting fine…but just needed to highlight the NASDAQ/NDX-types/glamour growth names. We are talking BIOTECH…we are talking SOCIAL MEDIA…we are talking TECH…we are talking a few CHINESE ADRs…and we are talking new merchandise via IPOs that are showing strength out of IPO base breakouts. We are watching to see if we start to get what we would call a “nifty-fiftyish”- type market. Many would use that term as a negative because it typically means big money is flowing into fewer and fewer names. We will look to use it to look for what we call powerful growth names in the marketplace.