Quick Update

The market is very scattered and fragmented, each average is different, almost all show distribution in one form or another, but the flocking of the herd is gone, they are in panic mode, EUR/JPY and AUD/JPY have distribution, the TICK looks horrible, it looks like from the TICK that again, any strength is being sold, TLT is the one to really watch.

We are at a very complicated time, these extreme markets and the breaking up of the herd only happens maybe once every 5 years or so, when the primary trend changes and this is the most extreme I have seen, there's the most to lose as the entire rally from 2009 was built on a sand foundation as a house of cards with liquidity that the entire market is now catching on as Hilsenrath got the OK from the F_E_D to go ahead and say what they have been clearly hinting since September last year.

Panic is setting in although it doesn't look like it, watch how long gains can be held before someone who use to move with the herd says, "Sell here and now, don't wait".

I'll do my best to answer emails, but the most important thing  is trying to tell you where we are and what assets make for good positions right now.