"What Became of Your Lamb, Clarice?" $SPY $QQQ $IWM $DIA

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AAPL-the Aftermath. I'm pretty certain those AAPL longs are wishing for Silence of the Lambs. Price action on the daily NASDAQ chart looks like a tear drop. However, the moving averages are about to cross back to golden. S&P 500 on the other hand, made a new multi-year high as did the Russell 2000 and the Dow. Very confusing scenario when divergences like these occur. But, all the phases-and I am so much about the phases-are the same. Therefore, do not sell weakness, and take profits on strength until further notice.

S&P 500 (SPY) Good volume but not blow off rally volume. Once again, S1 held like a rock, making that reference point perhaps a deciding factor on how the week ends (if it holds or not). Also, let's not discount the high 2-day RSIs

Russell 2000 (IWM) Top of the Bollinger Band on the weekly chart. Like SPY, how this closes out the week (above or below S1) could very well set the stage for next week.

Dow (DIA) I guess today settled how that breakaway gap works. For now, very high 2-day RSI

NASDAQ 100 (QQQ) 67.34, a pivotal number, which it tried hard to test but failed to penetrate shall remain elusive until it's not. Otherwise, 66.17 is the gap low for the year to hold

ETFs:

GLD Got that selloff I thought might happen. But, now the price is right on the 200 DMA so could bounce a bit to the fast moving average, then fail

XLF (Financials) Good volume even though end of day, retreated from the highs. Overall, still looks great for this year and a dip would be a buy opportunity

IBB (Biotechnology) A bit sloppy looking chart-which could mean heavy here

SMH (Semiconductors) Like to see today's low hold for now

XRT (Retail) Pretty overbought up here

IYT (Transportation) Even if this sells off from here, I still am quite satisfied with the results

IYR (Real Estate) 68.26 the 2012 high. High RSI now

USO (US Oil Fund) Resistance at 35.00. If good, should clear. If not, still longer term trend is negative

XLE (Energy) 77.35 the 2012 high.

TBT (Ultrashort Lehman 20+ Year Treasuries) 8 months this has been in a range really. One day, bye bye 60's hello 70's!

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