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OIH, QQQQ Up, EEM Down, How Will Disconnect be Resolved; XLF Holds Critical Support

|Includes: iShares MSCI Emerging Markets ETF (EEM), KBE, KRE, OIH, QQQ, XLF

Some of the more noticeable things to me in the market so far this morning, SEE CHARTS BELOW:

XLF is holding above 14, which is critical support area, as I wrote in an Instablog late last night.

OIH is currently up 1.5%, oops, make that 2.1% on another jump.

QQQQ is also in positive territory, 0.8%. 

KRE is up 1.8%, KBE 0.8%.

EEM is down -1.3%, as I wrote in my Jan 21 Instablog (Jan 23 article), emerging markets have been leading global markets down.

There is a very obvious disconnect between EEM going down, and OIH and QQQQ going up, since much of the strength in energy and tech end markets is in emerging markets.

It will be very important for the overall market as to which way that disconnect is going to be resolved

Since the early 2000s and during the housing bubble, tech in the U.S. has become more consumer and media/advertising driven, less capital goods.  That was still the case in 2009, with tech bulls looking for some capital spending boost in 2010.