Mondays sleeper

Had relatives in town all last week so failed to post.

Markets are quiet today having seen both sides of the flat line at least once. I have no strong opinion here and am about 60% invested and content to see how things progress here. The "tell" in the market has not changed, it is still the brokers and bankers which we keep an eye on through the indexes XBD and BKX. These are weak today and will keep pressure on overall market unless they see some buying interest. It is worth not doing much when the markets are uncertain or until you have a strong opinion. Much money can be lost trying to force things. I am content to wait and see what develops here. I saw New Century Financial, one of the sub prime lenders filed for Chap 11 today. Jury is still out on whether the sub prime fallout will cause bigger problems or be contained.

Good article by Brian Wesbury today at First Trust Portfolio's on Bernanke. Worth reading....
http://www.ftportfolios.com/Retail//Research/ViewResearchArticle.aspx?ID=296

Happy trading.