MARKET UPDATE

This is starting to look, feel and smell like a bear market. The financials have been in a bear market for quite some time and today ETFC is being axed. Nevertheless , I am going long E-Trade as I believe the selling is overdone and things are no where near as bad as some people would make you believe. If things were really as bad you would see the insiders dumping and that is not the case.

I sold 60% of my HANS today above $48 with hopes of buying lower $40-$44. Added more SLV under $146 and a little GLD at $79ish. I cut back on some other positions as I approach 30% cash with hopes of deploying it once a clearer trend become apparent though it seems that trend will be to the downside after a bounce. If we can't rally in November we are in a bear market.

Pre Market Analysis

The Asian and European indices are both very solid here.US equities are expected to open higher especially due to Cisco strong earnings report and bullish future outlook. CSCO is one of those market moving stocks. Going long the ROM - bull tech ETF might be a good idead here in light of CSCOs outlook.

EARNINGS
Keeping an eye on AIRN OMRI KNOT STKL ORA NOOF JUPM IDCC FLS among others.

Hansen Natural HANS, the maker of Monster Energy drink reported huge profit growth and the stock is soaring pre market.

The end of leverage buyouts ? I don't think so. Blackstone has raised over $21 billion for the worlds biggest buyout fund. Maybe its time to get long BX.

Precious metals continue to show strength this morning with Gold and Silver both up. The US Dollar continues to weaken.

Keeping a close eye on the Dow 50 day moving average at 13,561. Expect some resistance there.
Nasdaq 50 day is 2615 and the S&P 500 is at 1512 though another level of resistance lies at 1490.

Pre Market

The markets in Asia and Europe are bullish .

The Consumer Price Index rose less than forecast indicating that inflation may be under control. Gasoline and food had the big increases.

Ben Bernanke is speaking in Atlanta today at a monetary policy conference. The mix of Bernanke and good CPI numbers could be steroids for the bulls today.

The Nymex is up big in pre market as it explores options to sell itself. NYSE Euronext, Deutsche Boerse AG or Chicago Mercantile Exchange Holdings Inc are the potential suitors.

Hansen Natural the maker of Monster energy drink, is surging in pre market as it gets a Goldman Sachs upgrade. I've been a big buyer of HANS following the Coca Cola decision to buy Vitamin water. This stock has a lot of upside.

How much do you pay for luxuries ? How the super rich are taking it to new levels. Companies like COH TIF LVMHF are some of the plays here.

OXPS is a stock I am keeping a close eye on. Based on trading volume, option activity and chatter, there is indication they may get a takeover bid.

Pre market futures are indicating a bullish market open.

GOING FISHING

I am going to find some issues to go long today. There is too much doom and gloom out there. Picking some high beta names. Some NTRI, a bit of BLUD, a little AKAM, a pinch of CELG and a topping of HANS. I think I'll toss in some TZOO and a helping of GOOG for good measure.And I'll close out that blasted AAPL short position for good measure. Maybe we'll rally, maybe we won't. But if we rally I think I may outperform. If not I will just dump 'em all.In a bear market its best to position for a rally before the actual rally because, once you spot the rally its usually too late.