Apple is behind us, back to Basics
While we know that there is a greater desire on the part of some consumers to have an Ipad rather than pay the mortgage, this will go away and a return to basics, ie the financial bubble trail will return. We continue to watch XLF and GS to get clues as to how this is all going to unravel.
The comoodity sector remains the most defensive, everything else is still in mini-bubble land but we anticipate trend reversals to the downside to show themselves soon.
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