New pivots

If the major averages take out these new support levels, I think we can count on some degree of distribution in the major averages:

QQQQ 46.30

DIA 132.35

SPY 150.13

IWM 81.54

If futures are an indication, we may get that action today or tomorrow.

The DOW (DIA) is the strongest of the lot. It has basically gone parabolic for an entire month. Money is pouring (from all over the world) into these large cap stocks that haven't moved for YEARS. CNBC thinks that this is a great thing; I'm still not so sure. It feels to me like some cigar chomping politician has pushed a button somewhere.

Also while I'm on the subject of interest rates, this 2 month rally is liquidity driven. So if worldwide money is sloshing around looking for stocks to push for some quick buckos, doesn't that mean that money is too easy? No wonder the US dollar is crashing. Mr. Bernake, what's going on with the money supply??

Still chief bond salesman to the universe Bill Gross is calling for rate cuts, along with most CNBC'ers...yeah keep the party rollin' babeeee...

As long as the numbers keep going up, that means the economy is getting better, doesn't it???....doesn't it????