MY PLAN

The markets continue lower but improving and I think we may get a little jig before the day is over. My strategy for now is to buy any dip in the SMH as they have underperformed along with the QQQQ. The IWM is also acting well in light of the drubbing the big caps are taking this morning.

The brokers, banks and reits are lower on the heels of the 10 year Bond reaching the 5.15% number. Oils are down on the news of the "big" inventory build and I look at it as another chance to sell some puts. Metals are lower as gold trades back to the 660 level. If one wishes to purchase metal stocks on this pullback, go with the best of breed (GLG GG MDG BHP FCX). I dipped a toe in the commodity basket DBC this morning as it is down over 1%.