Flattish day; crummy advance declines though, i.e. internals weak while the externals held up (think Meg Ryan).
EUR/USD setting up to break the record still; edging over $1.3610 currently. Speaking as an American with American money- UGH!!!! Gee why do I hate Ben Bernanke?
Things to note: financials setting up as a beautiful short play...EWJ (Japan) teetering on the 50-day EMA...a break below is bearish, be it short or long term, I don't know.
Also importantly to note: 10-year Treasuries (TLT) are getting ready to break below 50-day EMA as well....BEARISH.
As if ANYONE actually listens to me (they don't)...be very dubious of all the noise and bullish calls around here. The semiconductors are rallying amid PETRID earnings reports and lowered guidance. The banks are rallying as though the sub-prime contagion doesn't matter and will never touch them....do YOU believe that?? Does anyone?
Overall volume is tapering off. So far there is NOTHING that tells me this is going to be any different than a "sell in May, go away" type of market going into the Summer.
I am in a set of very conservative, cash rich stocks that pay 3+% dividends and are in overall pretty decent technical shape, so I'm not going to panic there, but I'm getting prepared to defend them. Same story...I'm shutting up/shutting down and hitting the hay.
Maybe I'll talk about music tomorrow...this market is corrupt and boring.
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