But, sometimes my eyes are crossed, so be wary. :-)

Last night I wrote:

"I just awoke from a 6 hour sleep and I'm groggy. I recall writing something about Ugly Canadians. Maybe I should go back to bed.

Better, I'm going to tell you something good " even great " about Canada: ROBTV. Is anybody in the world doing Financial TV better? I can't imagine.

For starters, go to ROBTV.com and click on today's (Friday) video Replay of a discussion on Xstrata, Inco, Falconbridge and Teck-Cominco by Eric Reguly, in discussion with Kim Parlee at 6:00pm. Eric by the way is one of just two or three professional writers who publicly shared my views on Stelco.

For those who haven't been exposed to ROBTV, this 10-minute clip shows the quality that CNBCTV could never hope to match. Until a year ago I put CNBC International (not the U.S. show) and BloombergTV on a par with ROBTV; but then Bloomberg has fallen well behind, and CNBC USA has bastardized the international show (after they took over from Dow Jones & Co) as I warned they would.

One day I'm going to do a Top Ten List of all the things I like about ROBTV. It's part of My Canada.

I'll try to do this WIR on Saturday. But I'm going to have to feel better than I do right now."

This morning I wrote something nasty about Insider Trading at the Fed, but decided to leave it til tomorrow. I thought I was in good shape with 16 hours sleep so that this WIR would be a breeze through. Unfortunately my head wasn't altogether there, and was becoming unglued as I pressed on today.

So without further ado, here is the WIR. It's not the best, but I'll try to make it up next week.

---

"In Spain, it is called 'estacada'. The Death of the Bull. I think we're going through that process now. Pray that the Bear is ruthless and fast." " May 13, 2006 " Bill Cara

---

Enough noodling. Let's see what happened in the markets this week.

Global Market Summary

International Equities: A week ago I wrote: "Technically speaking, the Japanese and Canadian equity markets broke down on Friday." Well, this week they were trashed " along with UK and Europe. And these are G-7 nations. Wait til you see what happened to emerging economies like India, Russia and Brazil. Can you say down -10 pct in a single week, -17 pct in two?

U.S. Equities : Ten of 10 ETF's and 24 of the Dow 30 were down. This week was "different" all right " down -2 to -3 pct including a recovery day Friday.

Dow 30 : 6 up -- 24 down. That's actually a recovery of 1.

U.S. Sector ETFs: Zero up and 10 down (XLP the best, but down -0.2 pct)
First segment: most influenced by commodities, forex and capex spending
10: Energy (XLE): #10 (-4.8 pct); "soft economy ahead, or profit taking?"
15: Basic Materials (XLB): #9 (-4.6 pct); "likely some profit taking"
20: Industrials (XLI): #8 (-2.6 pct); "likely some profit taking"
Second segment: most influenced by consumer spending and economic growth
25: Cons. Discretionary (XLY): #5 (-1.2 pct); autos and cruiselines hurt
30: Cons. Staples (XLP): #1 (-0.2 pct); Wallies (WAG & WMT) were up
35: Healthcare (IYH): #2 (-0.4 pct); JNJ, AET and DNA were up
Third segment: most influenced by interest rates and general economic health
40: Financial (XLF): #6 (-1.8 pct); 2 good days out of past 15
45: Tech (SMH chips): #7 (-2.0 pct); 10 weak days in a row
50: Telecom Services (IYZ): #4 (-1.0 pct); rate relief this week
55: Utilities (XLU): #3 (-0.6 pct); rate relief here too

Bonds: My advice of a week ago was timely: "Probably a time to switch to bonds". That would have been a good temporary move. TLT was up +2.1 pct W/W. But after a pause here for a week or so, rates will lift again because inflation is still a problem, and budget deficits must be financed, and the foreign carry trade is being (or will be) unwound as Japan's bank rate will sooner or later rise to combat real estate speculation

Commodities: A week ago: "Speculators can only make so many unrealized gains before they actually want to realize some of them before they disappear". This week the loss in the Commodity Index was -6.4 pct W/W, so my advice was timely.

Oil & Gas: A week ago I wrote: "Crude oil remains strong (for now), but the oilers are weak". So this week crude oil was down -5.4 pct and the oilers dropped -4.8 pct W/W.

Gold: A week ago I warned: "A $33 moon shoot this week (following +$29 a week ago). However, I believe a short-term pull-back may have begun, with spot GOLD down -$9.50 on Friday. Clearly, due to the extreme sell-off in USD, speculation in the metals is rampant and there is now a disconnect between the metals and the miners. If this gets worse, just remember that with margin calls, everything gets pitched." Timely advice because this week $GOLD (the near futures) dropped -$56.20 (-7.9 pct)

Goldminers: A week ago I wrote: "I think the miners drop down more next week". I also said to protect your gold stock positions with puts. Wasn't that an understatement? $XAU plunged -12.2 pct and XGD (TSX goldminers ETF) was worse, down -12.7 pct! This puts the metal and the miners more in line. I like the junior producing miners here, but will pick and choose carefully.

Forex: A week ago with $USD down to 83.88, I wrote: "The Daily data chart looks spectacular. The nuk-u-lar meltdown started the morning of April 17... The question now is, can the Fed stop the run on the bank?" The implication of course was the Fed was going to try. This week $USD was up +1.2 pct, and the brief rally may continue.

---

Sector ETF:

With 10 out of 10 sectors down for two weeks in a row, and money now chasing the defensive Consumer Staples (sector 30), it looks like a bit of a panic. But the Hourly data charts show that it's probably a little too early to panic.

Had the Fed not been buying bonds, which goosed the debt-heavy telcos and utilities, and had the autos and cruiseships not been so bad, the Consumer Discretionary sector would have come in at #3 (out of 10 losers admittedly) rather than #5. That would have put the three consumer sectors at #1 (staples), 2 (healthcare) and 3. So I ask why?

Seriously? Could it be that the cost of energy, which is a terrible tax on the consumer, is perceived as falling, and that the Little People will have more money to shop at Walgreens and Wal-Marts, and not have to walk to the store?

Is this really a sustainable trend or just a temporary port in a storm?

You know, with all the jobless claims, and a major Fed report saying that the economy is slowing, and the wealth effect from a rising real estate market no longer happening, and; and; and; I just can't buy the argument that Mom & Pop are going to send their kids to more movies, buy more electronic games and music, etc. Keeping them safe at home watching American Idol (and not spending $$$)? Now that I can see; but even that's over this coming week.

And the financials and techs " you know, the sectors that are supposed to lead every U.S. equity market rally " are going nowhere. They came in at #6 and #7 this week, nudged out by the three USD and Commodity price sensitive sectors that were in total disarray, with the latter caused more by profit-taking than by any long-term common sense.

So where other than the farm and supermarket is the beef? No, even a likely rally that's due this week is probably cat meat, and disposed of fairly quickly.

So if Earnings Season couldn't drive this market through all-time record highs, what is it going to be? The end of inflation, lower interest rates, next quarter's earnings, the end of war and civil strife in the world, the ‘Snow'man's replacement, Google Finance, the capitulation of OPEC, the return of Al Gore? I dunno, but I can tell you that I don't see anything on the horizon, including the U.S. cavalry, that is going to save the day.

But then you knew the Bull was on the way out when a week ago I wrote: "I just smell it when the manure is being pitch-forked against the CNBCTV audience. A week ago Friday, it was about as bad as it gets (as I told you then). And look at the results this week: 10 out of 10 ETF's are down, and not just by a little bit."

So this week, it was another 10 for 10 sectors down.

What I do see coming for the next couple months is a series of lower highs and lower lows like a slinky toy in action, and I see that capital is trying to find a port in the storm. And in the most recent two weeks that port was nowhere near India (down "16.69 pct) or Russia (down "19.95 pct).

For the U.S. equity market, as you know, I study it top down by sector. Here is the weekly performance of my favorite ten Sector Index Funds. The table is sorted by price performance Week over Week (W/W), i.e. 1W%N.

Table 1: Cara ETF List

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
XLP	23.62	0.02	0.08%	-0.21%	-1.83%	0.85%	0.77%	-0.04%	0.94%	0.30%
IYH	60.18	-0.10	-0.17%	-0.41%	-2.10%	-3.03%	-5.42%	-7.19%	-3.46%	-2.62%
XLU	31.09	0.26	0.84%	-0.61%	-3.39%	-0.51%	-2.84%	-3.75%	-0.26%	4.05%
IYZ	24.85	0.29	1.18%	-1.00%	-3.23%	-1.86%	8.18%	-1.82%	5.16%	8.09%
XLY	33.68	0.23	0.69%	-1.23%	-2.69%	0.03%	2.06%	0.18%	1.51%	2.12%
XLF	32.60	0.17	0.52%	-1.81%	-4.57%	-1.57%	1.24%	0.52%	2.84%	11.34%
SMH	35.18	0.49	1.41%	-2.03%	-7.57%	-5.99%	-7.23%	-7.15%	-3.56%	5.08%
XLI	34.04	0.11	0.32%	-2.55%	-4.60%	-2.44%	7.62%	4.61%	8.75%	12.45%
XLB	32.25	0.13	0.40%	-4.59%	-6.90%	-6.25%	4.30%	1.90%	10.07%	14.89%
XLE	54.02	0.35	0.65%	-4.79%	-8.22%	-9.57%	2.50%	1.91%	10.15%	35.22%

You can do this table yourself by entering the following string into the Summaries window at Investertech.com and then clicking on the link for Performance. XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU

10 (energy: XLE)

15 (basic materials: XLB)

20 (industrial: XLI)

25 (consumer discretionary: XLY)

30 (consumer staples: XLP)

35 (healthcare: IYH)

40 (financial: XLF)

45 (technology, semiconductor: SMH)

50 (telecom: IYZ)

55 (utilities: XLU)

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Sector 10 (energy: XLE, IYE, VDE, OIH, PBW and IXC)

This week, XLE was down -4.79 pct to 54.02, and Crude Oil ($WTIC) was down -5.44 pct. That makes XLE the worst performer this week of my 10 ETF's. A week ago it was #9.

A week ago I wrote: "Didn't I tell you the rally that started a week ago mid-day Thursday was a phony one? Didn't I say, "Still, I continue to move from being over-weighted to being market-weighted in energy " but I'll be back soon to being over-weighted (Iraq, Nigeria, Venezuela, Bolivia, driving season, hurricane season, and the ?? possibility of doing Iran)? I'll be back, but not before oiler share prices settle back a lot"."

Yes, there are some pockets of the energy sector I like. I'm watching the oil drillers, and the alternative fuels industries, because these are more long-term oriented.

Here's the XLE Weekly, Daily and Hourly data charts:

XLE Weekly data:

XLE Daily data:

XLE Hourly data:

Table 2: Senior oil & gas equities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
IMO	102.81	-0.28	-0.27%	-2.37%	-0.36%	-8.32%	-1.14%	4.67%	13.41%	51.06%
CEO	77.98	1.52	1.99%	-2.50%	-8.04%	-10.57%	12.70%	-5.36%	20.62%	44.81%
XOM	60.45	0.56	0.94%	-2.88%	-5.55%	-7.00%	3.39%	-0.17%	3.78%	10.25%
CVX	58.47	-0.23	-0.39%	-4.74%	-6.22%	-4.90%	-1.03%	2.27%	0.62%	12.10%
TOT	133.21	0.71	0.54%	-5.96%	-7.72%	-5.52%	2.41%	3.02%	4.95%	21.40%
SU	77.04	0.68	0.89%	-8.08%	-11.40%	-13.30%	17.56%	3.70%	41.49%	107.77%
ECA	45.99	0.98	2.18%	-8.51%	-10.82%	-10.39%	-1.52%	6.98%	5.72%	37.16%
STO	28.32	0.45	1.61%	-8.73%	-17.96%	-14.60%	17.36%	10.80%	28.38%	65.23%
PBR	89.75	-1.35	-1.48%	-10.82%	-14.69%	-9.83%	20.12%	-1.60%	38.16%	97.56%

With the severe shake-out in the commodities market that had taken down the many of the oils by more than 10 pct over the previous two weeks, I decided that Friday morning just before my mad rush to the dental office that I would step into stocks like SU and ECA (oils) and GG and GLG (golds), for a trade based on my assessment/judgement that the market was technically oversold (in a secular long-term bull for these two sectors) and would commence a recovery rally in an intermediate-term bear phase (one that has the potential to become much more serious).

Don't ask me to explain this any more than I had my mind mostly on an upcoming root canal. And I would have written this up except that on my way to the dentist my car dropped a cylinder (I'm told) on the highway, and the triple freezing and stop over at the garage on my way home (to pick up a temp car) took long enough for the freezing to wear off and I headed straight to bed. Except for a two hour break, I slept for 18 hours.

Now I can see that I was just an hour or two early on Friday morning and that the corrective wave has begun. I will likely be out of those positions soon because I expect the market to become rather like a slinky toy here, and the drops could be large ones like the past seven sessions.

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Sector 15 (basic materials: IYM, XLB, IGE and VAW)

The Basic Materials sector ETF (XLB) was down -4.59 pct W/W to close at 32.25, which was #9 out of 10 worst performer on the week.

Here's the XLB Weekly, Daily and Hourly data charts:

XLB Weekly data:

XLB Daily data:

XLB Hourly data:

Table 3: Senior metals and steel equities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
PKX	69.26	2.46	3.68%	-3.58%	-6.66%	-0.14%	37.83%	24.50%	36.61%	52.39%
N	62.70	-0.10	-0.16%	-5.79%	6.13%	11.86%	44.90%	24.18%	43.05%	69.60%
NUE	104.95	0.15	0.14%	-5.87%	-10.34%	-7.53%	51.31%	27.29%	65.69%	101.59%
AA	31.98	0.67	2.14%	-8.13%	-8.89%	-9.64%	6.96%	5.27%	21.14%	15.58%
BHP	43.24	0.07	0.16%	-9.52%	-9.67%	-5.80%	23.54%	19.12%	35.13%	76.85%
ACH	83.60	-0.10	-0.12%	-10.78%	-11.06%	-21.87%	5.29%	-11.02%	25.39%	64.15%
RTP	212.02	2.93	1.40%	-10.93%	-12.71%	-6.12%	12.29%	7.17%	27.94%	78.39%
RIO	47.71	-0.04	-0.08%	-11.32%	-14.74%	-7.77%	10.95%	0.99%	11.73%	65.77%
PD	83.06	-2.79	-3.25%	-12.94%	-11.78%	-5.34%	11.24%	14.52%	26.62%	98.33%
GGB	14.51	-0.07	-0.48%	-13.01%	-12.33%	-15.88%	-16.66%	-34.11%	-0.75%	59.45%

Most of the quality companies in the metals have dropped over 10 pct in the past two weeks, with most of the losses taking place this week. The losers run the gamut from copper, aluminum, iron ore and steel to the precious metals. Some of the best gold miners are down -20 pct over the past week alone (Goldcorp, Lihir, etc).

On Friday morning with the freefall of gold apparently stopping at about $659, I decided to step back in " for a quick trade. I had assumed that the 660 level would be a support. But shortly after the small bounce, gold dropped to about 650 before starting its corrective rally.

Yes, I do think there will be three legs down, possibly to $640, and maybe down to 600 or lower. But you never know about these things. And since gold is in a powerful uptrend, it's going to take a major driver to reverse it. The only driver I see possible is flat out deflation and I can't fathom that with the strength of the economy today and the willingness of central banks to print money and keep interest rates from powering too far north, too fast.

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Sector 20 (industrial: IYJ, XLI, VIS, and IYT)

The ETF for the Industrials and Transport sector, aka capital goods producers, (XLI) was down 2.55 pct W/W to close at 34.04, #8 worst performer this week out of 10.

Here's the XLI Weekly, Daily and Hourly data charts:

XLI Weekly data:

XLI Daily data:

XLI Hourly data:

Table 4: Senior capital goods makers and transportation

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
GE	34.16	0.01	0.03%	-0.35%	-2.84%	0.56%	-3.42%	1.64%	-4.45%	-7.48%
TYC	27.18	0.27	1.00%	-0.37%	-4.63%	1.99%	-8.30%	5.15%	-5.79%	-8.48%
HON	41.92	0.51	1.23%	-2.31%	-4.99%	-3.74%	11.91%	-0.62%	15.23%	12.84%
MMM	84.31	0.16	0.19%	-2.61%	-3.42%	-0.88%	6.57%	14.29%	7.87%	8.28%
BA	84.61	1.88	2.27%	-2.76%	-4.36%	-2.14%	20.29%	15.97%	26.38%	37.91%
UTX	62.70	0.04	0.06%	-3.46%	-3.40%	-2.37%	10.91%	8.10%	17.11%	19.43%
CBE	87.67	0.39	0.45%	-4.21%	-8.20%	-6.36%	18.67%	5.98%	19.10%	28.93%
ERJ	34.60	-0.30	-0.86%	-4.29%	-7.63%	-9.52%	-11.87%	-11.05%	-8.22%	14.04%
CAT	72.78	-1.84	-2.47%	-6.46%	-9.00%	-6.54%	25.92%	1.01%	27.06%	55.68%

Some of the leaders in this sector have suffered greatly. Over 2 weeks, CAT is down -9.0 pct, BA down -4.4 pct and UTX down -3.4 pct (and UTX was only one of five stocks that were up two weeks ago, so its loss was all done this week).

I feel that even if the $USD rallies here, it will not likely be enough to hurt these exporting companies. I think their concern is for higher interest rates because most have relatively heavy debt structures.

CAT has been the strongest stock performer of the sector over 3, 6 and 12 months because of unit sales growth plus pricing power as the metal miners have expanded global operations in this commodity price cycle. Caterpillar has been selling a lot of replacement equipment as well, I believe, because for 20 years from 1981, the world was caught in a financial boom (commodity price bust) that caused mining companies to retrench.

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Sector 25 (consumer discretionary: XLY, IYC and VCR)

The Consumer Discretionary sector ETF (XLY) was down -1.23 pct W/W to close Friday at 33.68.

Traders still liked Disney (NYSE: DIS), which was up +0.84 pct W/W. But they just adored Starbucks (NDQ: SBUX), which on a real tough week for U.S. equities, was up +1.91 pct.

Yes, the Little People could spare $4 for a latte! Maybe I ought to drop SBUX and THI into the Consumer Staples, do you think? I mean, these places are more social hang-outs and community places of business these days. The coffee is just an after-thought. In fact, I heard the Timmy Horton marketing VP say that their customers cannot miss their drive-through on the way to work. It's an obsession, which sounds to me like a staple.

So these could be places to park capital if you have to be long equities in a declining market.

Yes, I think I'll put them into the Consumer Staples group, like I did Wal-Mart.

Here's the XLY Weekly, Daily and Hourly data charts:

XLY Weekly data:

XLY Daily data:

XLY Hourly data:

Table 5: Senior consumer discretionary equities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
SBUX	36.33	0.35	0.97%	1.91%	-8.33%	-6.12%	17.69%	2.66%	17.27%	31.92%
DIS	30.15	0.55	1.86%	0.84%	3.64%	11.58%	23.57%	12.04%	19.64%	7.91%
TM	109.91	-0.69	-0.62%	-1.60%	-10.98%	-6.47%	2.86%	1.26%	11.40%	51.20%
JCP	63.40	0.67	1.07%	-1.81%	-4.78%	0.63%	12.31%	10.76%	16.61%	24.07%
WHR	85.96	1.23	1.45%	-3.18%	-7.15%	-4.54%	3.98%	-3.63%	7.41%	31.22%
NKE	78.70	-1.05	-1.32%	-3.44%	-3.49%	-5.20%	-8.44%	-7.30%	-10.26%	-5.40%
BC	36.54	0.28	0.77%	-5.34%	-5.12%	-8.65%	-10.49%	-7.38%	-7.14%	-17.48%
EBAY	29.70	0.06	0.20%	-5.68%	-8.31%	-15.36%	-33.20%	-28.10%	-33.51%	-17.87%
CCL	40.71	0.17	0.42%	-12.81%	-15.66%	-14.53%	-25.40%	-23.98%	-23.59%	-23.23%

Whole Foods Markets (NDQ: WFMI) is definitely in the Staples sector, because it's food, but whether or not shoppers pay that extra 30 points during a potential business recession and market slide is dubious. You might say that WFMI (healthy food) is on the verge of being a Consumer Discretionary when it's just plain old food people are thinking about " at least enough people to make a difference. WFMI dropped -8.5 pct over two weeks.

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Sector 30 (consumer staples: XLP, VDC, RTH and IYK)

The Consumer Staples sector ETF (XLP) was down -0.21 pct W/W to close Friday at 23.62, which means that it dropped a wooden nickel. That puts XLP in the #1 performer of the week spot, which is to be expected when there is a financial war going on and traders go defensive. This week, XLP could also be Performer of the Weak.

Here's the XLP Weekly, Daily and Hourly data charts:

XLP Weekly data:

XLP Daily data:

XLP Hourly data:

Table 6: Senior consumer staples equities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
WAG	41.20	0.83	2.06%	3.08%	-0.82%	-2.85%	-9.23%	-10.26%	-12.69%	-11.26%
WMT	47.32	0.10	0.21%	1.68%	0.15%	3.27%	2.36%	2.31%	-4.40%	-0.40%
KO	43.65	0.10	0.23%	1.09%	2.20%	4.30%	6.72%	4.45%	3.44%	-3.54%
MO	71.00	0.52	0.74%	0.85%	-3.81%	0.65%	-5.31%	-2.57%	-0.35%	5.34%
BUD	46.13	-0.06	-0.13%	0.24%	0.59%	7.96%	5.63%	11.16%	6.86%	-2.29%
PEP	58.60	-0.09	-0.15%	-0.07%	-0.98%	2.45%	-1.94%	-0.54%	0.14%	2.75%
PG	54.15	-0.74	-1.35%	-1.56%	-2.84%	-3.89%	-7.88%	-11.23%	-5.74%	-4.36%
DEO	65.51	-0.65	-0.98%	-3.53%	-3.18%	-0.40%	9.99%	6.26%	12.17%	9.79%
WFMI	65.96	-0.76	-1.14%	-4.35%	-8.49%	3.21%	-14.45%	3.71%	-8.76%	14.51%
ABV	43.04	0.06	0.14%	-6.05%	-9.67%	-11.26%	11.68%	-0.99%	15.23%	45.16%

Now I know for sure we're in extremis (aka shell-shocked). Diageo (NYSE: DEO) was down -3.5 pct W/W. When the world stops drinking Guinness, something's amiss.

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Sector 35 (healthcare: IYH, XLV, VHT, IXJ, and IBB)

The healthcare ETF (IYH) was down -0.41 pct W/W to close at 60.18. That makes it #2 best performer, this week.

Are there really that many of us seeking healthcare treatments? My family doctor (now retired) once said he could tell when the market was down from the number of basket cases he was treating.

Here's the IYH Weekly, Daily and Hourly data charts:

IYH Weekly data:

IYH Daily data:

IYH Hourly data:

Table 7: Senior healthcare equities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
JNJ	59.90	-0.24	-0.40%	1.82%	2.04%	2.62%	-2.81%	1.41%	-4.24%	-11.14%
AET	40.25	-0.06	-0.15%	1.62%	5.95%	-14.54%	-14.42%	-20.50%	-15.08%	7.33%
DNA	80.03	4.10	5.40%	1.59%	-0.69%	0.43%	-14.86%	-5.01%	-17.46%	6.49%
BMY	24.17	0.02	0.08%	-0.49%	-4.39%	-2.54%	4.00%	4.72%	8.39%	-5.03%
AMGN	67.69	0.59	0.88%	-0.62%	0.86%	1.30%	-15.77%	-9.61%	-18.66%	9.50%
GSK	56.44	-0.17	-0.30%	-0.98%	-1.66%	6.47%	10.75%	10.17%	13.06%	13.22%
NVS	55.93	-0.88	-1.55%	-2.36%	-2.39%	-2.29%	4.60%	2.29%	3.21%	15.51%
PFE	23.82	-0.07	-0.29%	-2.78%	-6.22%	-4.22%	0.17%	-7.75%	10.28%	-17.06%
UNH	44.42	-0.88	-1.94%	-3.10%	-4.25%	-10.39%	-28.04%	-23.41%	-27.13%	-8.03%
BMET	35.05	-0.57	-1.60%	-4.18%	-3.66%	-7.76%	-4.96%	-5.58%	-5.91%	-8.37%

Big Pharma got hammered this week. Pfizer (PFE) was down -2.8 pct, but Bristol Myers (BMY) was down only -0.5 pct W/W.

A week ago I wrote: "Aetna had a great week, up +4.3 pct. I mentioned in the blog recently that I like the company, and that it's in the Cara 100. Maybe the Saudi prince jumped all over it?" This week AET was up +1.62 pct, making it +6.0 pct over 2 weeks. And JNJ was up +1.82 pct this week. Both are in the Cara 100.

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Cara 100 GICS 35 (JNJ) (JNJ) Financials Here is the Mar. 3 Value Line report on JNJ: next one is due Jun. 2)

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Aetna Inc. (AET) (AET) Financials

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Sector 40 (financial: IYG, IYF, XLF, VFH, IXG, VNQ, RWR, IYR, and ICF)

The Financial sector ETF (XLF) was down -1.81 pct W/W to 32.60. The bonds were up, so these stocks ought to have been stronger.

They did have a good day Friday, with UBS up +2.2 pct, Lehman Bros (NYSE: LEH) up +1.9 pct, and Deutsche Bank (NYSE: DB) up +1.8 pct " all Friday. But these stocks stunk the rest of the week, going down between -3 and -6 pct W/W in most cases. The heaviest weighted, Citigroup (NYSE: C), another Cara 100, was down just -0.39 pct.

Here's the XLF Weekly, Daily and Hourly data charts:

XLF Weekly data:

XLF Daily data:

XLF Hourly data:

Table 8: Senior financial company equities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
C	48.80	0.07	0.14%	-0.39%	-3.12%	1.65%	-0.99%	5.54%	0.81%	2.01%
HBC	88.88	-0.02	-0.02%	-1.00%	-1.59%	3.40%	8.81%	6.47%	8.96%	11.69%
MER	71.36	0.77	1.09%	-1.90%	-6.68%	-10.98%	4.24%	-5.56%	6.10%	29.70%
LEH	67.48	1.27	1.92%	-2.96%	-9.99%	-12.97%	3.91%	-8.24%	6.27%	46.38%
JPM	42.75	0.01	0.02%	-3.54%	-8.36%	0.59%	6.37%	4.83%	12.41%	18.13%
GS	149.41	2.38	1.62%	-4.29%	-9.11%	-9.93%	15.94%	2.66%	13.55%	49.23%
UBS	114.90	2.45	2.18%	-4.66%	-6.20%	0.79%	16.40%	7.53%	24.06%	44.98%
DB	116.42	2.08	1.82%	-5.23%	-7.76%	-1.81%	17.05%	6.89%	20.63%	49.58%
MS	59.94	0.08	0.13%	-5.29%	-8.53%	-7.83%	2.55%	-1.43%	0.00%	0.00%
CSR	58.60	0.72	1.24%	-6.16%	-7.98%	-1.92%	9.84%	5.55%	22.62%	44.55%

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Sector 45 (technology: IGM, IGV, IGW, XLK, VGT, IYW, IGN, IXN, MTK and SMH)

After a terrible week when the semi-conductor ETF (SMH) was down -5.65 pct, this week SMH dropped just -2.03 pct, closing Friday at 35.18.

Here's the SMH Weekly, Daily and Hourly data charts:

SMH Weekly data:

SMH Daily data:

SMH Hourly data:

Table 9: Senior technology equities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
CSCO	20.87	0.58	2.86%	2.61%	-4.05%	0.92%	19.60%	5.09%	22.62%	7.69%
SNDK	62.49	0.88	1.43%	2.04%	-0.06%	4.06%	-7.70%	8.89%	11.19%	142.02%
SAP	52.89	1.11	2.14%	-1.36%	-5.91%	-3.70%	15.10%	4.09%	23.92%	26.74%
ORCL	13.70	-0.07	-0.51%	-2.00%	-5.19%	-4.06%	8.73%	10.48%	8.56%	10.22%
CTSH	64.20	0.24	0.38%	-2.07%	-6.97%	2.07%	26.65%	16.22%	32.75%	40.73%
INTC	18.36	-0.29	-1.55%	-3.57%	-5.89%	-3.67%	-28.20%	-10.92%	-27.43%	-29.41%
QCOM	47.07	0.72	1.55%	-3.92%	-10.45%	-8.41%	6.98%	-2.57%	2.48%	28.57%
INFY	73.86	1.74	2.41%	-4.18%	-10.11%	-9.25%	-8.19%	5.03%	-1.52%	12.54%
ADSK	37.49	-0.52	-1.37%	-4.61%	-6.09%	-12.51%	-12.30%	2.83%	-3.23%	2.54%
ADBE	30.31	0.14	0.46%	-5.04%	-11.32%	-19.09%	-21.31%	-19.81%	-9.52%	-2.41%

Cisco and SanDisk (CSCO and SNDK) had great weeks in the face of so much wealth destruction. They were up +2.61-pct and +2.04-pct respectively.

But the Inteller had another real bad day Friday (down -1.6 pct after we hear that Dell is switching to AMD), and down -3.6 pct on the week. INTC has also been down -27.4 pct and -29.4 pct over 6 and 12 months, closing at $18.36.

Do you recall when I sold it exactly 51 weeks ago? The price was $27.39. At $18.36 today, I have SAVED +33.0 pct plus EARNED much more than that much being in precious metals, oils and CASH.

And you know, there are Wall Street analysts and money managers (being paid say a mil) that kept it on their buy list and were long all through this time. How do they keep those jobs?

This week and next, on extreme weakness, I'll be buying INTC, or at least writing puts. I'm thinking about two years from now.

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Sector 50 (telecom: IYZ, VOX and IXP)

The Telco sector ETF (IYZ) was down -1.00 pct W/W to 24.85.

Bond yields this week dropped between -14 and -17 basis points on the 10 and 30-year U.S. Treasury bonds, which means that the stronger bonds helped companies that have big debt or hold lots of bonds, like the telco operators.

There won't be too many weeks like this.

Here's the IYZ Weekly, Daily and Hourly data charts:

IYZ Weekly data:

IYZ Daily data:

IYZ Hourly data:

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Sector 55 (utilities: IDU, XLU, and VPU)

The Utilities ETF (XLU) closed down -0.61 pct W/W at 31.09.

This sector 55 ETF was 3rd best performer (like #4 the telcos) because the bonds did well.

Both the utilities and telcos were taken on a jet ride Friday afternoon, but the buying was a dud, and both ETF's settled back into the close.

Here's the XLU Weekly, Daily and Hourly data charts:

XLU Weekly data:

XLU Daily data:

XLU Hourly data:

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Bonds:

Now you have CNBC arranging the Bond Guy (no longer called the Bond King) to share a panel with the ‘Snow'man late in the week. Tell me; does CNBC get placement fee retainers?

If so, they ought to be HUGE retainers because placing those two disasters into meaningful employment situations ought to be a job worthy of the best paid Dream Merchant. LOL.

Actually, I really think the ‘Snow'man is out there looking. Have you noticed the pleasant demeanor? This is not the curmudgeon of old! He's trying to make it appear that he could fit it anywhere. Anywhere but; (you know).

Weekly data charts:

Daily data charts:

Hourly data charts:

Table10: Yahoo Finance U.S. Treasury Debt, Municipal and Corporate Bond Yields

US Treasury Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
3 Month	4.69	4.69	4.69	4.58
6 Month	4.80	4.77	4.80	4.70
2 Year	4.96	4.91	5.00	4.85
3 Year	4.95	4.91	5.03	4.85
5 Year	4.96	4.94	5.08	4.89
10 Year	5.05	5.06	5.20	5.02
30 Year	5.13	5.16	5.30	5.12

Municipal Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
2yr AA	3.64	3.66	3.67	3.65
2yr AAA	3.67	3.69	3.66	3.61
2yr A	3.68	3.72	3.71	3.61
5yr AAA	3.73	3.76	3.73	3.76
5yr AA	3.74	3.76	3.75	3.77
5yr A	3.80	3.80	3.78	3.81
10yr AAA	4.00	4.05	4.05	4.06
10yr AA	3.98	4.04	4.04	4.09
10yr A	4.17	4.17	4.14	4.28
20yr AAA	4.36	4.41	4.39	4.47
20yr AA	4.35	4.40	4.39	4.53
20yr A	4.53	4.54	4.56	4.57

Corporate Bonds

Maturity	Yield	Yesterday	Last Week	Last Month
2yr AA	5.34	5.30	5.36	5.26
2yr A	5.42	5.37	5.46	5.31
5yr AAA	5.47	5.46	5.55	5.38
5yr AA	5.56	5.55	5.62	5.48
5yr A	5.61	5.59	5.71	5.56
10yr AAA	5.75	5.76	5.99	5.78
10yr AA	5.90	5.90	5.98	5.88
10yr A	5.95	5.95	6.05	5.87
20yr AAA	6.16	6.20	6.25	6.08
20yr AA	6.35	6.39	6.52	6.39
20yr A	6.38	6.41	6.51	6.39

Yes, to the two readers who recommended I remove SLM from this table, I will.

They say Sallie Mae is not interest sensitive because students (not Sallie Mae) will get screwed (i.e., borrowing at any rate) -- whether its rip-off prices of books or loans to pursue an education.

But when you think about it, these students and their parents have been told for so long there ain't no inflation that these costs alone should be an education.

Interest rates and bond yields.

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The 30-year T-Bond yield went into free fall from 5.30 to 5.13 pct this week, and the 10-year bond, also dropped like a stone from a 5.19 pct yield to 5.05. So, bonds boomed courtesy of a drop kick by the Fed.

But you were warned a week ago when I wrote: "All eyes are on metals, gold and the USD, which is probably a time to switch to bonds ; (and buy puts on the goldminers)."

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US Bond Funds -- Monthly Data Charts

SHY Monthly data series chart:

IEF Monthly data series chart:

TLT Monthly data series chart:

AGG Monthly data series chart:

LQD Monthly data series chart:

TIP Monthly data series chart:

US Bond Funds -- Weekly Data Charts

SHY Weekly data series chart:

IEF Weekly data series chart:

TLT Weekly data series chart:

AGG Weekly data series chart:

LQD Weekly data series chart:

TIP Weekly data series chart:

US Bond Funds -- Daily Data Charts

SHY Daily data series chart:

IEF Daily data series chart:

TLT Daily data series chart:

AGG Daily data series chart:

LQD Daily data series chart:

TIP Daily data series chart:

US Bond Funds -- Hourly Data Charts

SHY Hourly data series chart:

IEF Hourly data series chart:

TLT Hourly data series chart:

AGG Hourly data series chart:

LQD Hourly data series chart:

TIP Hourly data series chart:

Table 11: Interest-sensitive securities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
SLM	54.40	0.77	1.44%	2.72%	4.31%	2.78%	-2.53%	-2.39%	2.14%	11.38%
TLT	84.43	0.22	0.26%	2.13%	0.99%	-0.44%	-8.01%	-7.17%	-6.33%	-9.54%
IEF	80.61	-0.05	-0.06%	0.88%	0.46%	-0.36%	-3.92%	-2.75%	-3.18%	-6.18%
AGG	98.24	-0.02	-0.02%	0.67%	0.30%	0.01%	-2.38%	-2.04%	-1.87%	-3.92%
TIP	99.80	-0.11	-0.11%	0.48%	0.60%	-0.25%	-3.14%	-2.84%	-3.28%	-6.20%
SHY	79.76	-0.02	-0.03%	0.16%	0.16%	-0.09%	-0.70%	-0.42%	-0.68%	-1.59%
FNM	49.88	0.41	0.83%	-1.93%	-2.98%	-4.54%	2.34%	-8.48%	4.48%	-11.78%
CIT	53.26	0.72	1.37%	-2.02%	-3.37%	-0.62%	1.22%	-0.60%	5.99%	29.78%
FRE	60.56	0.06	0.10%	-2.32%	-2.24%	0.33%	-7.26%	-8.66%	-2.51%	-6.62%
CFC	39.21	-0.46	-1.16%	-6.13%	-5.24%	4.56%	12.16%	16.07%	13.16%	7.42%

Isn't it interesting hat the interest-sensitive equities (CFC, FRE, CIT and FNM) got whipped this week " let's just forget SLM :-) " while the Bonds (TLT, IEF, AGG and TIP) were up on the week? Could that be panic selling of equities?

TLT was an outright favorite (of Dino Kos), up +2.13 pct W/W to close at 84.43.

Consumer Finance -USA -- Weekly Data Charts

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Consumer Finance -USA -- Daily Data Charts

Consumer Finance -USA -- Hourly Data Charts

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Commodities:

Yes a week ago I wrote: "The $CRB index jumped a further +2.79 pct to close Friday at 361.75. Actually, Friday was down -1.0 pct, which is what I want to focus you on."

Why did I want you to focus on a one-day loss of -1.0 pct? Because it led to a further five day loss of -6.39 pct this week, taking $CRB down to 338.64.

Weekly CRB Commodities Index:

Daily CRB Commodities Index:

Yes a week ago I wrote: "For Crude oil futures, the near contracts known as $WTIC rallied +3.65 pct W/W to close at 72.75. I'm a little surprised actually; I thought they would be headed south in the direction of 67."

Yes, $WTIC at $69.29 (down -5.44 pct) is fairly close, which is the close on Friday for the index. The near futures were down to 68.53, which is even closer.

Just think, Crude Oil ($WTIC) was at 75.10 a week ago Thursday.

I guess it has some backing and filling station stuff to do around this oil level, which could give some time for the oilers to have a (summer driving, hurricane season) rally.

Weekly Crude Oil:

Daily Crude Oil:

A week ago I wrote about the Alberta oil sands, saying the cracks are there. I mentioned Suncor (NYSE: SU) as being in a bad way. Maybe I shouldn't have; maybe I should have screamed JUMP. SU was down -8.1 pct this week. I mentioned EnCana in the same bad way, and ECA was down -8.5 pct this week!

Anything else from the Oil Sands? Oh yes, I mentioned Baby Exxon (Imperial Oil), and IMO dropped -2.4 pct this week.

Anything else? Oh, there was also Chevron Texaco, and CVX was down -4.74 pct this week.

It seems I could smell those refineries.

Ah, but I was back in on Friday morning with SU and ECA, and on Friday SU was up +0.7 pct and ECA was up +1.00 pct, so even though my mouth was hurting, at least my nose caught a whiff of a turnaround.

Still, that's a short-term trade.

Integrated Oil & Gas - Canada

Oil & Gas Exploration & Production -Canada

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Gold:

A week ago, I wrote: "This week, $GOLD was up again. A week ago it was up $28.66 (+4.38 pct). This week $GOLD was up 32.95 (+4.82 pct). I continue to say, "Long-term, gold is probably going to $1,000, but there are always a few steps back along the way. We might be in for one soon. If you want to hold your position for the long term, you might consider buying short-term puts against it for protection." On Friday this week, $GOLD was off just -$0.23, but spot gold was down -$9.50. I saw signs of weakness. I also watched the prices weaken for many of the solid goldminers, like Glamis (GLG), Barrick (ABX) and Goldcorp (GG or G in Canada)."

You saw the results: $GOLD plunged -7.9 pct. GLG plunged -14.6 pct; ABX plunged -9.1 pct; and GG (or G if you're north of the line) absolutely plunged -19.7 pct this week.

Do you know what all that plunging means? Well since Barron's just gave me a write-up last week-end, it meant my web stats went through the roof " averaging now over 200,000 hits a day (139 countries). It also meant calls from two vc's and two book agents or publishers this week, and a discussion with the WSJ editor, where I agreed to participate in a forum.

But it also meant I have been spending less time on my Bahamas project. My next trip is just two weeks away and I have a lot of work to do in the meantime.

That's a dilemma, trying to stretch my days past 24 hours. And it doesn't help to be sleeping 18 hours a day. :-)

Weekly Gold EOD Continuous Contract Index:

Daily Gold EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Gold Bullion index.

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$SILVER closed down -12.83 pct W/W to 12.56. Ouch!

A week ago I had warned" "But the contract dropped -$0.52 (-3.5 pct) on Friday. So if you are day trading this, you have to watch the weekend markets. There is support at $13.55 and again at about $13.00, but technicians will not believe the down-force of selling, once it hits, caused by the SLV. What goes up fast, usually comes down even faster. But for the first time, $SILVER is now monetized as an ETF. Selling and short-selling could be brutal."

Would you call a single week loss of -12.8 pct, "brutal"? I would.

Weekly Silver EOD Continuous Contract Index:

Daily Silver EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Silver Bullion index.

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$PLAT closed at $1,297.80, down from $1318.50. $PLAT enjoyed a relatively strong week this, but maybe not next.

A week ago I wrote: "No kidding. This is not a market for Mom & Pop, and hopefully not for the funds they are invested in either. For contracts, for every winner there is a loser. Think about it. Futures are a zero sum game. These are not securities; these are time-based contracts."

Weekly Platinum EOD Continuous Contract Index:

Daily Platinum EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Platinum metal index.

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$PALL dropped -6.34 pct W/W, closing Friday at 375.19, down from 402.19. So the prior week's gain of $21.57 was more than lost this week. Ouch again.

But, a week ago, I wrote: "This is raw speculation, which will end badly for some traders."

Weekly Palladium EOD Continuous Contract Index:

Daily Palladium EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Palladium metal index.

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$COPPER dropped -4.41 pct W/W to close Friday at 369.35. It had been up for 13 consecutive weeks, including a high of 394.90 the prior Friday.

This is a market for professionals, and many of them will be closing their doors when these contracts close. Unfortunately.

I hope you don't have money with them.

Weekly Copper EOD Continuous Contract Index:

Daily Copper EOD Continuous Contract Index:

This interactive chart shows the recent trading for the Copper metal index.

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Table 12: Senior gold equities

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
ABX	30.56	0.02	0.07%	-9.05%	-10.62%	1.33%	6.04%	6.67%	14.03%	38.78%
NEM	51.07	0.10	0.20%	-9.29%	-9.50%	-11.26%	-10.62%	-9.14%	10.23%	41.90%
MDG	30.63	0.49	1.63%	-11.60%	-12.59%	-2.85%	27.84%	28.54%	58.38%	101.38%
KGC	10.84	0.01	0.09%	-11.73%	-11.73%	-5.57%	9.61%	13.39%	44.92%	113.39%
BVN	25.24	-0.86	-3.30%	-12.75%	-12.97%	-9.31%	-14.61%	-2.36%	-10.75%	20.31%
AEM	32.88	-0.21	-0.63%	-12.76%	-13.88%	-5.57%	49.18%	27.39%	118.76%	195.68%
GFI	21.33	-1.14	-5.07%	-13.85%	-11.86%	-17.61%	10.69%	-5.54%	37.70%	114.80%
GLG	33.70	0.47	1.41%	-14.55%	-17.46%	-7.97%	13.28%	16.17%	52.28%	143.67%
GG	30.17	-0.54	-1.76%	-19.68%	-20.90%	-8.44%	24.67%	20.20%	48.91%	133.88%
LIHRY	42.53	-0.62	-1.44%	-20.01%	-16.23%	-10.08%	22.64%	39.21%	30.34%	166.65%

These major gold producers have gone through what constitutes a bear market in just 1, 2 or 4 weeks in some cases.

To watch the moves in precious metal miners, you will have to monitor the individual stock charts, preferably in real-time, as follows:

AAUK NEM ABX AU GFI GG HMY GLG KGC BVN
15-minute data
60-minute data
Daily data
Weekly data

MDG LIHRY AEM BGO IAG EGO PAAS GOLD CDE GRS
15-minute data
60-minute data
Daily data
Weekly data

CBJ SSRI RGLD SIL NG KRY HL TSE_HRG TSE_GUY TSE_AGI
15-minute data
60-minute data
Daily data
Weekly data

NXG GSS MNG DROOY MFN RNO RANGY MRB CLG GRZ
15-minute data
60-minute data
Daily data
Weekly data

Here are the key Silver miners and the SLV ETF:

SLV SIL CDE HL PAAS SSRI SLW WTZ MGN

15-minute data
60-minute data
Daily data
Weekly data

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This week the U.S.-listed goldminers index ($XAU) was down -12.15 pct W/W to close at 140.04. Enough said.

Here are the Weekly and Daily Data charts of the indexes:

Weekly U.S. Goldminers Index:

Daily U.S. Goldminers Index:

The Toronto Exchange-listed goldminers ETF (XGD) dropped -12.72 pct W/W to 74.00. A week ago I wrote: "XGD hit 92.00 at Thursday's open. On Friday, XGD dropped -3.35 pct. I'm thinking maybe 79 is the next level down."

The elevator didn't stop for my floor.

Here are the Weekly and Daily data charts for the TSX Goldshares (XGD) index:

XGD Weekly data:

XGD Daily data:

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Forex:

The $USD finally broke the fall, closing up +1.2 pct this week to 84.88. In the prior 22 trading sessions it suffered a drop of -6.4 pct.

I had warned the USD shorts that it might bounce this week.

Weekly U.S. Dollar Index:

Daily U.S. U.S. Dollar Index:

The Euro (priced in USD) was down -1.12 pct, closing at 127.64. But was it really up Friday along with the rising $USD?

A week ago I wrote: "The Euro is at 129.09; Once at 130, the Euro will run into resistance, I feel." And that it did. My crystal ball was working here too.

But did you hear there are some academic professors, famous people who have written books like Random Walk and who have led the Economic Advisors to the White House who say that timing the market is impossible?

So, big deal; I just started referring to myself as a computer. But then Forbes called me "eccentric".

At least I didn't try to impress the Little People with a $35 forecast for oil. Now that's what I call "eccentric". Of course he keeps his job; he owns the place.

Weekly Euro Dollar Index, priced in USD:

Daily Euro Dollar Index, priced in USD:

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International Equities:

A week ago I wrote: "There are two international markets that are broken, and most traders have not seen it yet. The Japanese equity market has snapped under the stress of a Yen too strong. The stocks of Japanese exporters have been getting trashed. Toyota Motor (TM) was down almost -10 pct this week. The other broken market is Canada, and that's because oils and metals stocks are no longer chasing the forward contract prices in the commodity markets."

So this week, Japan (EWJ) dropped -2.43 pct and Canada (EWC) dropped -4.78 pct. Yes, this week. So now everybody is watching. I just can't keep a secret!

Oh, maybe I should have warned regarding Brazil (EWZ) because it was down -9.10 pct W/W? Or how about Russia (TRF) which was down -9.70 pct or India (IFN) down -10.38 pct this week.

Wow, that's like 2 billion out of 6.5 billion on this earth who had national equity markets that dropped an average TEN PERCENT THIS WEEK. Hello, anybody out there?

And the S&P 500, which measures the strongest economy in the world, was the strongest equity market index this week too. It just dropped -1.7 pct, and traders are starting to get "frightened".

Hello; what do you think is happening (on the emotional front) in India, Russia and Brazil?

And how about Europe down -4.5 pct THIS WEEK, and Canada down -4.8 pct THIS WEEK.

Do you think I nailed it a week ago when I opined boldly that traders were going to start getting frightened? Or is it that the Little People now think we all just play the game with monopoly money; Ben's!

Table 13: International equities perspective

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
SPY	127.10	0.89	0.71%	-1.66%	-4.09%	-3.09%	0.32%	-1.33%	1.57%	6.56%
QQQQ	39.35	0.30	0.77%	-2.09%	-6.67%	-6.31%	-4.74%	-4.51%	-5.07%	4.91%
EWJ	14.48	0.12	0.84%	-2.43%	-6.04%	-2.03%	3.80%	8.87%	15.38%	42.52%
FXI	78.15	1.56	2.04%	-2.92%	-4.76%	-4.27%	24.07%	9.07%	28.66%	43.39%
EWU	20.81	0.02	0.10%	-4.10%	-5.84%	-1.79%	8.61%	6.17%	11.76%	16.19%
IEV	90.35	0.36	0.40%	-4.48%	-6.17%	-2.01%	8.24%	5.55%	13.59%	21.28%
EWC	23.50	0.11	0.47%	-4.78%	-6.93%	-5.66%	4.68%	1.08%	15.03%	39.05%
EWZ	39.45	0.30	0.77%	-9.10%	-15.07%	-11.05%	13.26%	-6.29%	19.98%	70.63%
TRF	74.05	3.45	4.89%	-9.70%	-19.95%	-8.97%	37.13%	3.28%	43.79%	90.60%
IFN	51.53	-2.11	-3.93%	-10.38%	-16.69%	-8.41%	24.86%	9.64%	29.15%	89.10%

Didn't I write a week ago: "This table shows the +117.5 pct gain in the Russia Fund (TRF) and +116.6 pct gain in the India Fund (IFN) over 52 weeks. Watch the Weekly and Daily RSI on these markets. When they crater, so too will most of the world's equity markets. A falling USD is causing currency strength in those markets, which is helping their consumers, but hurting exporters and domestic tourism. Eventually that will be enough to take the bloom off the rose."?

That new Fed guy sure knows how to take the bloom off the rose. But he's from academia too, right?

Russia and India are now up just +90 pct in the past 52 weeks " not +117 pct " and Brazil is down to being up just +70 pct in the past year. Now Bernanke's got two billion more people pissed. Think about it.

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Japanese equity market ETF: EWJ

The Japanese equity market ETF (EWJ, priced in USD), was down -2.43 pct W/W to 14.48.

A week ago, I wrote: "I no longer believe the Nikkei Dow remains in a strong primary up-trend. The uptrend is there, but the technical indicators are showing me the momentum has died."

We'll just have to see if the Bank of Japan raises rates to calm their real estate speculation, after they said they wouldn't.

You see, the BoJ is in a spot too. Does the Governor slap his exporters and his real estate speculators in the face or does he take his medicine now?

I don't really know. The history shows that BoJ let things get right out of hand the last time, and the Japanese people paid for the ills of the previous inflation cycle for many years.

Here is the Japanese (EWJ) equity market ETF Weekly, Daily and Hourly data charts:

EWJ Weekly data:

EWJ Daily data:

EWJ Hourly data:

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U.K. equity market ETF: EWU

This week EWU was down -4.10 pct W/W to 20.81. EWU is now down -5.84 pct in two weeks.

Two weeks ago I wrote: "But, the Weekly RSI for EWU (87.7) is mind-boggling. The last time EWU hit 90 (Nov-04, it took almost a year to recover)".

Would you call that one fair warning? I know somebody who did, and probably saved himself a small fortune.

Here is the United Kingdom (EWU) equity market ETF Weekly, Daily and Hourly data charts:

EWU Weekly data:

EWU Daily data:

EWU Hourly data:

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Canadian equity market ETF: EWC

A week ago I wrote: "The EWC (Canada's equity market ETF that trades in the U.S. in USD) was down -2.26 pct to 24.68. Technically, the underpinnings to the strong Canadian market (oils, metals, banks) have been taken out. Arguably the best "Value" investor in Canada, Irwin Michael, says he is 100 pct out of the banks at this point."

This week, EWC was down -4.78 pct. To the average Canadian, his or her portfolio was smashed. But I gave the warning, which is all I can do, and no more.

Here is the Canadian (EWC) equity market ETF Weekly, Daily and Hourly data charts:

EWC Weekly data:

EWC Daily data:

EWC Hourly data:

(Japan, Taiwan, Hong Kong, Singapore)

(U.K., Germany, France, Italy)

(Canada, Mexico, Brazil, Australia).

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U.S. Equities:

A week ago, I wrote: "The U.S. equity market was almost dead; then Thursday-Friday along came Bush-Snow-Bernanke to try to juice it. It was a last gasp."

This week, my forecast was confirmed when a TH called it a week of "shock and awe".

The Dow 30 dropped -2.1 pct; S&P 500 was down -1.9 pct; the Nasdaq was down -2.2 pct; and the Russell small cap index dropped -2.7 pct.

The latter two indexes cover the highest beta stocks, which in a market downturn are the ones that get worst beaten up (or down as it were).

Did you learn that lesson in the year 2000?

Here is the Monthly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Weekly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Daily data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

Here is the Hourly data chart of the Nasdaq Composite, S&P 500, Dow30, and Russell 2000 (small cap) indexes.

The following table shows the weekly price performance of the Dow 30 stocks, which I sorted by 1-week price change.

There were 24 Dow stocks down, and 6 up on the week, which is a swing vote of 1.

George, the ‘Snow'man and HelioBen need 10 more to hold the fort. They'll probably manage that for a week or two until the ‘Snow'man manages to get a job placement via CNBC.

But as soon as he departs, just watch the negative action in the market, and the blame the poor man is going to have heaped upon his shoulders.

In the interim, now that his book deal is in the bank, the last Fed Head is hoping to rake in a few more million on the lecture and seminar circuit before the market sinks, embarrassing everybody in Washington, the recent past and present.

Table 14: Dow 30 List

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
JNJ	59.90	-0.24	-0.40%	1.82%	2.04%	2.62%	-2.81%	1.41%	-4.24%	-11.14%
WMT	47.32	0.10	0.21%	1.68%	0.15%	3.27%	2.36%	2.31%	-4.40%	-0.40%
KO	43.65	0.10	0.23%	1.09%	2.20%	4.30%	6.72%	4.45%	3.44%	-3.54%
MO	71.00	0.52	0.74%	0.85%	-3.81%	0.65%	-5.31%	-2.57%	-0.35%	5.34%
DIS	30.15	0.55	1.86%	0.84%	3.64%	11.58%	23.57%	12.04%	19.64%	7.91%
MRK	34.42	-0.71	-2.02%	0.32%	-0.17%	-0.92%	5.10%	-4.52%	13.15%	4.97%
HPQ	32.02	-0.46	-1.42%	-0.34%	-5.46%	-2.85%	11.30%	-6.02%	8.91%	42.25%
GE	34.16	0.01	0.03%	-0.35%	-2.84%	0.56%	-3.42%	1.64%	-4.45%	-7.48%
C	48.80	0.07	0.14%	-0.39%	-3.12%	1.65%	-0.99%	5.54%	0.81%	2.01%
AXP	52.23	0.32	0.62%	-1.25%	-2.83%	-0.04%	-0.67%	-4.08%	4.65%	-1.90%
T	25.28	0.54	2.18%	-1.33%	-2.66%	-0.28%	2.31%	-10.61%	3.69%	6.53%
PG	54.15	-0.74	-1.35%	-1.56%	-2.84%	-3.89%	-7.88%	-11.23%	-5.74%	-4.36%
MCD	34.15	-0.29	-0.84%	-2.09%	-3.01%	-1.30%	1.88%	-5.30%	3.20%	10.27%
HON	41.92	0.51	1.23%	-2.31%	-4.99%	-3.74%	11.91%	-0.62%	15.23%	12.84%
IBM	80.28	-0.38	-0.47%	-2.51%	-3.60%	-1.69%	-2.17%	-0.53%	-8.53%	4.04%
MMM	84.31	0.16	0.19%	-2.61%	-3.42%	-0.88%	6.57%	14.29%	7.87%	8.28%
MSFT	22.56	-0.27	-1.18%	-2.63%	-5.21%	-16.91%	-15.95%	-15.51%	-19.63%	-12.96%
HD	38.94	0.53	1.38%	-2.65%	-5.69%	-3.33%	-5.58%	-6.98%	-8.25%	-2.99%
BA	84.61	1.88	2.27%	-2.76%	-4.36%	-2.14%	20.29%	15.97%	26.38%	37.91%
PFE	23.82	-0.07	-0.29%	-2.78%	-6.22%	-4.22%	0.17%	-7.75%	10.28%	-17.06%
VZ	30.90	0.49	1.61%	-2.80%	-6.42%	-4.98%	1.71%	-11.16%	-2.52%	-11.87%
XOM	60.45	0.56	0.94%	-2.88%	-5.55%	-7.00%	3.39%	-0.17%	3.78%	10.25%
DD	42.81	-0.21	-0.49%	-3.12%	-5.18%	-4.03%	-0.58%	3.13%	0.85%	-10.08%
AIG	61.16	-0.40	-0.65%	-3.20%	-6.11%	-4.20%	-12.15%	-9.29%	-8.95%	15.40%
UTX	62.70	0.04	0.06%	-3.46%	-3.40%	-2.37%	10.91%	8.10%	17.11%	19.43%
JPM	42.75	0.01	0.02%	-3.54%	-8.36%	0.59%	6.37%	4.83%	12.41%	18.13%
INTC	18.36	-0.29	-1.55%	-3.57%	-5.89%	-3.67%	-28.20%	-10.92%	-27.43%	-29.41%
GM	24.68	0.62	2.58%	-5.26%	6.47%	13.26%	30.58%	12.59%	2.62%	-24.64%
CAT	72.78	-1.84	-2.47%	-6.46%	-9.00%	-6.54%	25.92%	1.01%	27.06%	55.68%
AA	31.98	0.67	2.14%	-8.13%	-8.89%	-9.64%	6.96%	5.27%	21.14%	15.58%

You can do this table yourself by entering the following string into the Summaries window at www.investertech.com and then clicking on the link for Performance.

AA AIG AXP BA C CAT DD DIS GE GM HD HON HPQ IBM INTC JNJ JPM KO MCD MMM MO MRK MSFT PFE PG T UTX VZ WMT XOM

For example, if you do it, and then click on the column header for 2W (2-week price performance), this is what you'll see. You'll see that only 6 of the Dow 30 lost LESS THAN 2 pct over 2 weeks, and that 20 of 30 LOST OVER 3 pct, 14 lost over 4 pct, 13 lost over 5 pct, and 6 lost over 6 pct.

Since the Dow gained just +6.4 pct over the past 52 weeks, it must have been "frightening" to many of you to see these blue chip stock losses taken over just 7 trading sessions, including Friday when the Dow closed up on the day.

But this is the kind of action that happens in a declining market. It's only after a broad market index has declined some -20 to -25 pct that the pundits start calling it a bear market. By then you have lost a substantial holding of wealth.

That's why you have to watch your positions closely " to avoid these shocks, and to be in places where the shocks are least likely to occur.

The (only) Dow 30 winners this past week:
JNJ, up +1.82pct; no comment
WMT, up +1.68-pct; no comment
KO, up +1.09-pct; no comment
MO, up +0.85-pct; no comment
DIS, up +0.84-pct; time to read the positive Value Line report from this Friday
MRK, up +0.32-pct; no comment

The nine worst nine Dow 30 losers this past week:
AA, down -8.13-pct; no comment
CAT, down -6.46-pct; no comment
GM, down -5.26-pct; no comment
INTC, down -3.57-pct; no comment
JPM, down -3.54-pct; no comment
UTX, down -3.46-pct; no comment
AIG, down -3.20-pct; no comment
DD, down -3.12-pct; no comment
XOM, down -2.88-pct; no comment

I mean, really; how can I comment after a week like this? I'll have to watch the market on Monday and Tuesday to see if this downdraft might become pneumonia.

Here are the links to interactive Dow charts from Investertech.com that I broke into groups of ten, which you can add technical indicators for as well. (list one) (list two) (list three)

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The latest Value Line Reports on the Dow 30 are for 3M (MMM) and Disney (DIS), both Cara 100 companies. DIS is up +23.6 pct YTD, while MMM is up +6.6 pct in 2006.

As for DIS, that puts it into #3 best performer YTD, just behind CAT. The #1 YTD is GM, which I won't even discuss because I do know there are some home schooling children who read this blog, and their parents have asked that I try to keep it free of expletives.

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(AA) (AA) Financials (Here is the Apr. 21 Value Line report on AA: next one is due Jul. 21)

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(AIG) (AIG) Financials (Here is the Feb. 25 Value Line report on AIG: next one is due May 26)

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(AXP) (AXP) Financials (Here is the Feb. 25 Value Line report on AXP: next one is due May 26)

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(BA) (BA) Financials (Here is the Mar. 24 Value Line report on BA: next one is due Jun. 23)

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(C) (C) Financials (Here is the Feb. 25 Value Line report on C: next one is due May 26) Cara 100

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(CAT) (CAT) Financials (Here is the Apr. 28 Value Line report on CAT: next one is due Jul. 28)

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(DD) (DD) Financials ( Here is the Apr. 21 Value Line report on DD: next one is due Jul. 21)

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(DIS) (DIS) Financials (Here is the May 19 Value Line report on DIS: next one is due Aug. 18) Cara 100

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(GE) (GE) Financials ( Here is the Apr. 14 Value Line report on GE: next one is due Jul. 14) Cara 100

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(GM) (GM) Financials Here is the Mar. 3 Value Line report on GM: next one is due Jun. 2)

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(HD) (HD) Financials (Here is the Apr. 8 Value Line report on HD: next one is due Jul. 7) Cara 100

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(HON) (HON) Financials (Here is the Apr. 28 Value Line report on HON: next one is due Jul. 28)

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(HPQ) (HPQ) Financials (Here is the Apr. 14 Value Line report on HPQ: next one is due Jul. 14)

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(IBM) (IBM) Financials ( Here is the Apr. 14 Value Line report on IBM: next one is due Jul. 14)

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(INTC) (INTC) Financials ( Here is the Apr. 14 Value Line report on INTC: next one is due Jul. 14) Cara 100

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(JNJ) (JNJ) Financials Here is the Mar. 3 Value Line report on JNJ: next one is due Jun. 2) Cara 100

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(JPM) (JPM) Financials Here is the Feb. 25 Value Line report on JPM: next one is due May 26)

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(KO) (KO) Financials (Here is the May 5 Value Line report on KO: next one is due Aug.4)

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(MCD) (MCD) Financials (Here is the Mar. 10 Value Line report on MCD: next one is due Jun. 9)

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(MMM) (MMM) Financials (Here is the May 19 Value Line report on MMM: next one is due Aug. 18) Cara 100

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(MO) (MO) Financials (Here is the May 5 Value Line report on MO: next one is due Aug. 4)

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(MRK) (MRK) Financials ( Here is the Apr. 21 Value Line report on MRK: next one is due Jul. 21)

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(MSFT) (MSFT) Financials (Here is the Feb. 25 Value Line report on MSFT: next one is due May 26)

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(PFE) (PFE) Financials (Here is the Apr. 21 Value Line report on PFE: next one is due Jul. 21)

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(PG) (PG) Financials (Here is the Apr. 8 Value Line report on PG: next one is due Jul. 7) Cara 100

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(T) (T) Financials (Here is the Mar. 31 Value Line report on T: next one is due May 30)

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(UTX) (UTX) Financials (Here is the Apr. 28 Value Line report on UTX: next one is due Jul. 28) Cara 100

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(VZ) (VZ) Financials (Here is the Mar. 31 Value Line report on VZ: next one is due May 30)

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(WMT) (WMT) Financials (Here is the May 12 Value Line report on WMT: next one is due Aug. 11) Cara 100

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(XOM) (XOM) Financials (Here is the Mar. 17 Value Line report on XOM: next one is due Jun. 16) Cara 100

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Wrap up:

Two trips to the dentist in a week " all planned " for root canals and crowns. You see, it's not a cavity issue. It's called age, plus a bad habit of chewing on ice.

And I thought ice was a good vice.

But apparently the worst is over. Like the market, it's all crown hill from here.

BCara@BillCara.com