AFTERNOON TINKERING

Markets look like they want to recover this afternoon as the SMH is back in the green as is the WINTEL duo, but, I would continue to be cautious and would rather short pullups than buy any dips. Market internals continue to show trouble ahead with a skew of 3,000 to the red and financials are barely bouncing off the bottom so be careful with any dip buying.

The weekend continues to be a 50/50 game as W refuses to cave and will probably continue with the "right to defend" stance for the Israeli's. The G-8 folks obviously will feel differently but the President, as we know is a fairly stubborn fella.

Next week will also bring the Fed back into play as the fed futures have fallen to 50/50 for a rate hike in August. Earnings and guidance next week so there are lots of uncertainties to ponder.

And who would have thought that after Jimmy called a New Bull Market on March 17, 2006, that just four months later the Naz would be at a new 52 week low.