TECHNICALS -SSRI

The metals are getting crushed today and the silver stocks are taking the brunt of the punishment. So is today a day to buy SSRI? I suspect so and I have dipped a toe in to buy some for the longer term. I think the saying is that the most vicious pullbacks come in bull markets or something similar. Today is one ugly pullback. PAAS is another silver stock that is getting crushed so take your pick as I doubt that the bull market in metals ends today.

The markets and the SPY in general is having one of the most volatile day seen in weeks or even months. In the first hour of trading the ETF traded in a 1.26 range. Another saying is that markets get very volatile prior to changing directions(hmmm).

The market internals are still over 1,500 to the red and I suspect a down day on the SPY and I am doing little. The Semis (INTC) and Drugs(SGP) are green while Oils, Metals and Internets (HHH) are getting crushed. Note the Russell Small Cap index is down over 1% despite the Pisani "we are close to 5 year highs" commentary. I stress to watch the internals for market direction.