WORLD HAS NOT IMPLODED

So far so good as the world has not imploded and the market has not crashed. As a matter of fact, the SPY has traded right back to the Pivot of 129 and there are 200 more winners than losers.

The leading sectors are Small Caps(+.4%), Financials (.35%) Semis(+.6%)and of course the metals (+1%).

The 10 Year Bond is back down to 4.92% and I would watch any slippage there for signs that equities can get some traction. Also, note the OIH can't get traction. Why would that be selling off if with all the Iran chatter?

Jim Cramer over at realmoney.com had some insights this morning and I quote"

"It's just that you can't trust the market. We have had no crescendo, no big give-up, just the dribs and drabs that never produce a bottom. Sure, maybe this time is different and we'll get a bottom based on nothing, without the big give-up. History says no, though. History says we will have another failure today.

I, like you, don't like this market. We are levered to oil, gold, silver, zinc and copper. That's just plain unhealthy. In every case when you get those going higher, there's so much that can go lower. "

Don't lose sight of the fact that on April 3, 2006, Jim wrote a column called "A Dozen Reasons to Love this Market." It is comical, yes, correct the SPY hit near its high of 131 on April 3.