ONLY THE BEST

Markets look to open lower this morning on the heels of worse than expected retail sales numbers. Most of the big box shops including WMT and TGT missed their numbers and few were expecting these "misses". Many investors/traders must be wondering what ever happened to all the savings from the lower gas prices.

Anyhow, now on CNBC, the head bubblite (Mark Haines) is asking strategists if we should be selling equities because the markets are extended. Of course when the market was going through the period of never another down day, Mark was asking "where is the retail trader and just maybe the DJIA crossing the 12,000 level will bring them back to the equity markets." If only these "journalists"would play tapes of their old shows, old meaning 10 days ago.

As mentioned yesterday, the SPX is now sitting at its 21 day SMA and with a 2 day RSI of 5, a buying opportunity may be at hand. I will be watching for the faces of my favorite CNBC journalists for the all clear signal.