Any opinions on EEV (or EEM)...?  EEV was holding well till 3 trading days ago then broke through floor.

I heard a guest on Bloomberg this am talking about how S&P 500 earnings seem to be coming in at around $44 ... and that the S&P is thus running at a current multiple of almost 20, which is not sustainable, particularly in this environment.  I had been wondering where earnings were coming in in total.  I am not an economist, but if true, this market is way overvalued currently (which was his point).

I work at a hospital in Northern California and this just popped up on my email 2 minutes ago.  Might influence market, or give an excuse to sell some...?

Pandemic Level Advanced to a Stage 5

This update is as of Wednesday afternoon.
 
Tracking through the day's flu-related events, one can see the realization setting in that the present outbreak is going to be a long-term experience.
 
The World Health Organization has advanced our Pandemic level to Stage 5 .   
  
Before the WHO was willing to certify a Stage 5 event, they were requiring confirmation of sustained influenza outbreaks in communities removed from the original source of the infection-but which also were not occurring in a confined institutional setting such as a high school.  As documented spreading of influenza occurs, notably among schoolchildren in New York City, the barrier for Stage 5 has been breached.
 
WHO Director-General Margaret Chan declared.  "All countries should immediately now activate their pandemic preparedness plans," speaking to reporters in Geneva. "It really is all of humanity that is under threat in a pandemic."

Well done...

Excerpt from Investment House weekly newletter...fyi:

The breakout by NASDAQ Friday is nothing to discount, but it is also not proof that it or any other index will avoid testing back. Look at SOX; it was the early leader in the rally, not only making the first higher high but also the only highest high following the bear market selloff. It is currently going through a three week consolidation that has it trading in quite a large range. It has come back all the way to test its breakout over the mid-level peaks before moving up late in the week. SP500 has not even broken out of its trading range, just making it up toward the 875 level that is a mid-level resistance point, this despite all the rallying in financials.

That is one reason we were not loading up with more upside positions to end the week and actually picked up some downside positions, including some additional downside SP500 positions heading into the Friday close. That does not mean we think the rally will fail.As noted Thursday this is great overall action. We just recognize where the rally is in its cycle, where we are in earnings, and know that the 'chase money' won't likely overcome this resistance in SP500, at least on this round of the move.Thus we are looking for some downside again while good stocks that surged really far, really fast test back some and set up for another move higher.

TECHNICAL. Once again the intraday action was bullish with that second half session, and particularly last hour, rally after a modest start and intraday trading range. That shows big money funds that missed the early rally still putting money to work to beef up their upside portfolios, and big money moves are always important.

INTERNALS. Solid breadth again with 3:1 NYSE and 2.5:1 NASDAQ. Volume was up to average on NYSE and was again above average and stronger on NASDAQ. Trade has been low on most of the latter part of this move. That is not necessarily bad for a lateral consolidation where quieter action is preferred, but a lot of the upside action was occurring on lower trade. Thus when NASDAQ volume jumped last week on the upside, that was very bullish. Earnings from AAPL, YHOO, MSFT and others helped pump up the volume. On NYSE trade remains lackluster with a big spike two Fridays back when SP500 hit near the top of its current range and turned back. Outside of that volume has been mediocre at best and is a key reason we feel SP500 is going to test back in its range before it moves higher again.

CHARTS. As noted, NASDAQ broke to a new post November high, clearing once more the January peak, and this time doing it with a bit more flare, moving on strong volume and putting some mileage on that level. Still below the November peak, but that is now at the 200 day SMA so that is the next story to worry about. SP600 broke to a new post March high itself, at least on the close. The small caps are trying their hand at returning to the leadership role. SOX bumped into its 200 day SMA again on its high as the chips continue their three week lateral trading range, bouncing to the top of the range last week after holding the February peak. The early market leaders they are in a well-deserved consolidation and are indeed holding their gains as they recover from the run. Last there is SP500 and it managed to close the week breaking back over 850 that was holding it back, moving toward next resistance at 875 in the form of the late January peak. We were looking for a rollover as it broke below the 850 level Monday, but it did not hold as the general market move took it higher. Now we see what it does with 875; we are still looking at a fade again toward the bottom of the range, anticipating that the 'chase money' cannot break it out on this run.

I have it at ~$31 or a few cents below.

Do you think we will get a pullback at some point (38% to 50%) retracement, or just chop and grind our way all the way to ~1000?  Hard to go intermediate long here and chase a 200 point run from 666 in 30 days...  Comments appreciated.

Time to take a short position in GLD?

From the newsletter this weekend, it appears that GLD may become a great short (even a swing short) in the coming days?

And... seperately, where does one buy physical gold besides the coins sellers on TV?  Thanks... Tim

BTW... for what it is worth I received an urgent email fron BB yesterday stating that he think the market HAS tested the bottom in th e last few days and now one can BUY "in any weakness in th elow 800's".  He sees 2009 as very strong.  His site will not allow me to copy the whole note... it is short and that is the jist.  Now Bob totally and utterly missed the top, saying the market was a buy month in and out right as we crashed, so.....

Last year I owned a good number of shares of USO for maybe 72 hours on a swing trade that stopped out.  After year end, I received a K-1 with $1500 of taxable income...did not expect that.

With the market seemingly "firming" but somewhat overbought on the very short term, do others see potential long entries on DIG, MVV and SSO at the following: DIG: at test of downtrend line ~$30 where it meets horizontal support. Boone Pickens is saying that he sees oil at $100/brl again sometime in 2009 in spite of a weak economy. MVV: similar, test of downtrend line break at ~$25 with a stop at ~$22. SSO: similar again, retest of downtrend at ~$27 with stop at ~$24. Thoughts appreciated. Tim