April IS normally stellar for stocks, so far it's been on a treadmill. Transports CRUSHING move FRI had NO giveback today. The SIZE of that move some 3.4% got my attention, so to dismiss it or not talk about it AKA CNBC style would be foolish.
Many SMART guys are talking correction and stay the course long. Saying the large speculators have gone net short, they are seldom right......not never but seldom.
We look at VIX declining again below its 200 SMA. CPC is elavated. These are conflicting.
OIL is falling and has NOT ignited an OIL IS FALLING rally. Russell's PTI is still slightly bullsih after coming down to neutral.
Market has worked off oversold, and if so desires can continued downward trend.
1170 on SPX to be watched. 10,400 on Dow.
NDX CHART is below both 50 and 200 SMA. I would be watching a break of OCT's levels.
Is it me or does it seem like it's VERY quiet from the Bush machine? The BEAR is in waiting and it ONLY a matter of time.
WHY has MSFT been WEAK? at near 30 PE why pay so for 9% or so growth? WMT? AIG? JPM (near 52 week low) FNM,
NEW?
AS long as our ASIAN friends keep buying our fiat........game will continue, but WE longer hold the cards in OUR deck. FOOLISH FED AND US POLICIES (yes BUSH!) have dealt us the dealiest blow.....as the DEBT piles up.
D
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