kaltbaum premarket

Futures are down just a bit. INTC coughed one up but is only nominally down. I have seen the semis rally after a big drop when all the bad news is out. Something I am watching as the SOX tries to defend the 350 area which has been defended several times in the past year. If it is taken out, market should be affected. When we cannot even buy off the 50 day, it tells you not much is happening…so we sit. Over the weekend, I listed for you many of the defensive names that are leading the market. Some of those names have earnings down 20% and sales down but are still going up because that is where the big money is flowing. I have no idea how long it lasts but some of the names are trading at 10x earnings…doesn’t take much to make them 12x earnings…thus the moves. Bunch of earnings out but not much movement…VMW up but the stock has been smoked…SBH looks like it will top off earnings. AGU gapping up as the ferts like CF are working off of the droughts. After the close, axp,ebay,ffiv,ibm,qcom,xlnx and others. Just sitting here…for obvious reasons.