It's Good To Be The King!

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Well that sure cleared things up, NOT! What do you do with this type of diversion lately with earnings season gearing up (Intel dropped post earnings giving Semiconductors (SMH) indigestion). And, what about those poor folks long Best Buy down 28.59%? Ouch!

Some good news-the S&P 500 held 184, an important level, the Russell 2000s made new highs, NASDAQ traded inside the trading range from Wednesday, Rates remain low, and nothing seems to buzz kill Biotechnology!

Elon Musk is king of the world for sure with the big moves in Solar City and Tesla. Perception fuels momentum. Yes, alternative energy and electric cars are the future; however, how many houses do you know using solar and how many people do you know drive an electric car?

We are well heeled in our portfolio, but I can’t help asking myself every day, what if pharmas, solar and TSLA stop rallying? What’s holding the market up?

S&P 500 (SPY) 183.45 area is the fast moving average to hold while a break over the current highs will have to be respected.

Russell 2000 (IWM) If one looks just here-looks higher

Dow (DIA) 165 has to clear at the least and today’s low has to hold at most

Nasdaq (QQQ) Inside day

XLF (Financials) Ball and chain or rest stop?

SMH (Semiconductors) Same question

IYT (Transportation) Also more troublesome than the indices

IBB (Biotechnology) The hunt for the next drug company to go ballistic

XRT (Retail) Remains trouble with one note-landed on support for October 2013

IYR (Real Estate) Liking the rate drop here but now running into resistance

XHB (Homebuilders) Housing starts tomorrow-could be decisive action here as it is holding the 50 DMA

GLD Confirmed phase change to bearish-but not so convinced it will go much lower at this time

USO (US Oil Fund) Inside day after the short covering

XOP (Oil and Gas Exploration) Better looking after the record low natural gas inventories but still has overhead to clear

TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs Hard to believe except for the fact that the economy is not as robust as the FED would like

UUP (Dollar Bull) Confirmed phase change to recovery.

EWG (Germany) No more island top-and an inside day

FCG (First Trust ISE Reserve NatGas) Unconfirmed phase change to bullish.