Yesterdays Significance

The most important aspect of yesterdays market change was the rebound in the dollar and the subsequent drop in many commodities and gold on good volume.  It will take a couple of days to see if this turn in sentiment holds.  Today is starting off as a rebound as the general news on the economy continues to get a little better. 

 The key point here is sustainability and valuations.  I heard an analyst yesterday say the PE on S&P stocks is now around 21, that is expensive  when you are still seeing the total unemployment numbers increasing.

We outlined our position structure in late Tuesday’s comments, no change yesterday. The factors playing a part in this market juncture have been outlined in our comments of the past few weeks.

The EMA ETF Fund Nav was 1133 at yesterdays close.

8:06 AM CDT