Wednesday, May 16, 2007


After some mid morning jitters, the bulls took control of this market and sent the Dow to all time highs yet again. The S&P and Nasdaq were not far behind. Small caps continue to lag and semis appear weak. Precious metal is being murdered and I am taking a beating in GLD and SLV though I am allowing this weakness to add to my postions. I find it hard to believe that the Dow continues to make all time highs while gold and silver sell off.

As far as individual sectors, the airlines and internets led the way today being up 2.66% and 2.28% respectively. The irony is these two sectors have been among the weakest over the last month with airlines in particular being down over 11%. I suppose today was a buy the weakest link type of day. Autmobiles, gold, coal and mining were the weakest sectors.

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