No changes!

Wish we had something new to say but Wednesday’s action simply more of the same. A good down open did not last…and the NASDAQ leads while commodities stink.

We are in hopes we get some pulling back because it is only in the sell downs can we decipher where the real strength is. This second, the market has no interest in that accommodation. We are back to DEFICITS DO NOT MATTER…DEBT DOES NOT MATTER…RECESSIONS DO NOT MATTER. It is all about the QE and with Japan QEing to the tune equivalent to $3 trillion here and with the ECB boarding that train in a big way and with the direct correlation between up markets and QE,..need we say more.

Continue to underweight commodities. Continue to underweight small caps versus large…though small caps are coming on a bit here. We just believe if things do turn down, it will be the small caps that lead down again.