THE SMH

Equity futures trading down this morning and below fair value - and watching the tape yesterday - the market seems to want to go higher - as yesterday afternoon was the perfect time for it to sell off hard - but no dice for the bears.

I bought some QLD/SSO into the close and am looking to add to my DBA/DBC/UNG commodity group and looking to start positions in KOL MOO and USO - SMH also looking interesting on this pullback to the SMA 50 and an RSI (2) of under 10.

In the news:

Forbes looking at social security and the implications now;

BESPOKE on the Dollar Downtrend and Bloomberg on the 7 week low;

Looks like more money in play at Madoff's;

Lets see how this plays out today;

Curve watching from Bloomberg;

ZH on short covering;

Another April record;