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Lots of jello moving on the plate!

Byaaronmat-admin
A few thoughts:
The ECB will announce more printing of money in order to buy bonds to keep interest rates down. But interest rates in many corners of Europe are at and in some cases are under 0%. So how would this move help?
The Swiss Central Bank dropped the pegging of the Franc to the Euro. Can you blame them? The ECB is determined to continue to crush their own currency. Sorry…I would not want to commit suicide with them. It is the Swiss that are acting rationally.
My prez is going to announce more of his socialist doctrine tomorrow night by announcing higher taxes and more giveaways.  For the umpteenth time, higher taxes do not affect the rich but do prevent the middle class from becoming rich. See a pattern?
You can blame Bostick for dropping of the onside kick but don’t blame him for trying to catch it.. Many pundits are saying he was supposed to block. Are you telling me a football player should duck when the ball comes right at him and into his hands?
Last week’s market action rates a big wow. Wicked swings culminating with a good Friday…but lots of jello moving on the plate.
Coming into last week, we thought financials were in trouble. Their earning’s reports just put a stamp on the ugly…but near term, felt a little sold out on Friday.
Let’s add housing into the trouble column off of bad earning’s reactions. The group was trying to emerge.
We remain bearish on a long list of areas. To review:
Energy
Oil & Gas
Steel
Copper
Aluminum
Coal
Rails
Gaming
Big Banks
Regional Banks
High yield bonds
The Euro and Yen
Emerging markets
Russia
Brazil
EAFE index
Machinery
Construction
Autos
Trucking
Apparel
Solar
We show the list this way to accentuate how many areas are suspect.
On the good side, things are starting to get defensive as the market is buying defensive in areas such as:
Reits
Food
Drugs
Beverage
Tobacco
Utilitues
Muni Bonds
Managed Care
Drug Stores
Supermarkets
Retail-Home Improvement
Gold and Silver continue to emerge.
Leading Biotech remains in good shape but getting a little more mixed as a few names go bye bye. Same for semiconductors.
As far as the major indices, all held support on Friday as they came down to December lows before rallying. It is vital these levels hold going forward. Those levels are:
Dow 17,265 and then 17,067
S&P 1988 and then 1972
Nasdaq 4563 and then 4547
Ndx 4078
Trans 8581
Lastly, a ton of earnings coming out the next few weeks. Pay attention!