I’m semi-in and trying to catch up, so I will just make a few general comments.

I am quoting DEC OIL. SEP BONDS still leads for me for another 2 weeks. Pay attention, there is a significant spread to the next month futures in both instruments.

I see many writers have taken a shot at being short the equities off Dr. Nenner’s 1227 SPU level yesterday. I am not totally convinced this rally is over. Sustained price action back over 1218 would be tough to fade. THAT WOULD BE A GOOD SHORT PIVOT TODAY.

Keep your eye on AAPL for market tone. I thought this would trade closer to 400 before a top would be put in. Yesterday it put in an outside reversal day to the downside, so it would be prudent to keep your eye on this to see if the pattern is real.

Currencies…I see the Euro Bears are growling again. In my view, this is a function of the EUR/CHF cross. 112.50 becomes the closing level needed tomorrow off a weekly chart for this cross to go again. ( More Euro weakness/Swiss strength). If you’re trading the Euro outright you must have your eye on this cross to understand when you will and will not get follow through in the straight currencies.

Model Portfolio…Current Holdings

long GDXJ