LOSING THEIR GRIP

Unemployed needing emergency funds saored to 3,859,553 underscoring "STRONG" FRI jobs data.

Retail sales were were weaker than last yr period, which was one of worst on record. IS the Consumer back? MAJORITY of retailers missed their sales estimates.

It is not clear yet if the market is consolidating to surge higher or ready for a serious decline. We are still stuck in sideways trading pattern. NO 90% up days in response to recent 90% down volume days. NO NEW DOW or SPX or RUT new high with "GREAT NEWS" but low and behold a TRansport new high for move.

I look at some TA that suggests we are correcting from one of the MOST oversold monthly reading I can find (March lows). SO I can't ignore potential for this rally to carry on, for months, for years, to new highs.

That said we had little DUBAI accident and I am wondering how many MORE DUBAI'S lay in wait. The market is running on PURE speculation and EMOTION, where the FUNDAMENTAL'S do not equal this historic rally in % terms.

SO there is also the chance of HUGE accident lurking in the dark. I think we are in uncharted territory but I have suggested to bears looking to position, going short is always risky and timing difficult and to be PATIENT.

I could be long on action alone, but the FOUNDATION for a LASTING recovery is nowhere to be found.

$ near a breakout, BOND yields near a breakout. ALL things had been going UP, STOCKS ignore HUGE upside move in $...for now, next week will prove interesting.

The tide can TURN in most unexpected ways as "GOOD NEWS" might be BAD for the bond market has been rallying for 27 years and good news could be BAD NEWS for bonds. FED may be IGNORANT but they might lose their grip on long yields.

D