Commodity markets were crushed today as energy prices fell sharply which in turn pulled precious metals and the rest of the complex lower.
Little-mentioned was that the National Weather Service "predicted" (they haven't been right on this year) no more storms in 2006.
North Korea threatens a nuclear test and gold markets sell-off anyway with feelings of a spoiled "boy who cried wolf!"
Even Mr. Copper felt the pain today. (A quintuple top?)
And, lumber prices? Well they're falling sharply with slack housing demand and important seasonal considerations.
Oh, I almost forgot, there was a DJIA new all-time high today. Did you happen to hear about it? I noticed on MarketWatch before the closing bell today, and when the DJIA was fading, that in lieu of headlining a new closing high they were trumpeting a new "intra-day" high. But, much to their relief, the average "did" manage to close at a new high. (Do you think General Electric Co. (GE), parent of CNBC and Dow Jones, parent of everyone else, was in buying before the closing bell to satisfy all the advertisers they had lined-up for the celebration? What a silly idea!)
OK, celebration over. Now let's look at the real action today.
Let's look inside the numbers. The market internals today, despite all the hoopla, were unimpressive or dismal depending on your emotional view.
How about other "important" market sectors?
So, where's the action? It's all with the "Da Boyz" DBA, Megabank NA, AKA GolDMAn Sachs Group Inc. (GS), Bear Stearns Companies Inc. (BSC), Citigroup Inc. (C), Lehman Brothers Holdings Inc. (LEH), and so forth. Why? I don't want to go over it for the umpteenth time.
Other markets that matter most to us had unremarkable days.
We're being sarcastic and negative but we're, well, jealous! Why? Because we want to be primary dealers for the Fed too! Maybe if we threw some money together we could apply.
We bow in respect to the achievement of the DJIA and "Da Boyz" who made this show possible. It's the rest of the market that's disturbing. But you know what? In time that will get straightened out. It always does.
On a more somber note, I'd like to pay respect to someone who just passed away and who is remembered by some of my friends here. Aloha Buzzy, what a life!
Disclaimer: The ETF Digest maintains positions in S&P 500 Index (SPY), Market Vectors Gold Miners ETF (GDX), Utilities SPDR ETF (XLU), iShares S&P 500 Value Index ETF (IVE), iShares Dow Jones Select Dividend ETF (DVY), iShares Lehman 20+ Year Treasury Bond ETF (TLT), and iShares Dow Jones US Real Estate ETF (IYR).