TWO MONTHS PUNCHED

The month is done thank goodness and maybe the next one will be a bit better- YTD numbers as follows- bottom line- few places to run and hide:

SPX -9.4%

OEX -10.5%

DJIA -7.5%

NAZ -14.4%

NDX -16.3%

RUT -10.4%

MID -8.1%

SMALL VALUE -8.3%

SMALL GROWTH -8.9%

LARGE VALUE -8.9%

LARGE GROWTH -11.4%

DBA +26%

DBC +14.4%

OIL +6.1%

MSH -14.9%

SMH -12%

HHH -11.5%

XLK -16.9%

GOOG -31.9%

AAPL -36.9%

BIDU -35.5%

BKX -7.4%

XBD -12.5%

XLF -10.7%

GS -21.1%

C -19.5%

BAC -3.7%

CME-25.2%

NYX -25.2%

OIH -6.7%

XLE-4.2%

VLO -17.5%

XTO +20.2%

XOM -7.1%

RLX -6.1%

XRT -5.3%

GLD +16.6%

SLV +33.8%

GDX +15.9%

PAAS +14.5%

FCX -1.5%

BHP +2.8%

MGM -26.7%

LVS -19.2%

WYNN -10.2%

HGX -6.1%

XAL -8.2%

TRAN -FLAT

DFX -5.9%

IYR -4.6%

EFA -7.8%

EWA -7.9%

EEM -7%

EWZ +3.5%

Based on the above, it wasn't really financials, real estate and retail (the culprits as defined by the media) that was the biggest problem in the first two months of the year- it was Big Cap Tech and I think we can look for the reversion to the mean trade since tech has been pounded so hard.