805.22, that is the S&P 500 market close on the Obama Inaugaration Day.  We will use that as a reference point.  As we mentioned yesterday, between Election day and Inaugaration day the market has been in a swoon, down right at 20 percent. During that period the financial sector as represented by the ETF XLF was down 51 percent, feeling the effects of its lending practices.  The gold sector as represented by ETF GLD was , led the way up with a 11 percent gain, as the potential inflation effects of loose dollars is being felt.  We are monitoring the XLF/GLD relationship to determine when the financials are ready to join.

Our Tracking portfolio has been all over the map during this period. Since November 4th 2008 it was up up 8.0 percent on January 6th and down 3.7 percent on yesterdays close. No change in positions yesterday or anticipated today.

At yesterdays close the NAV on the EMA ETF Fund was 933.

As an aside, we would not be unhappy to see Treasury Secretary nominee Geithner dropped.  To us he seems to much of a whiz kid, not enough street smarts for the current situation.

8:32 AM CST

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