Besides it was such a good week for the Bulls all over the world that you don't need me to tell you that. All I can add perhaps is to opine that it will be clear sailing ahead for equities this summer.

This is the time, following a strong market advance, to raise stops and to write covered calls. It will also be a good time to take advantage of the usual sector rotation moves by taking profits (or part profits at least) as price targets are met.

I would avoid bonds and interest-sensitive equities, preferring the commodity price sensitives (energy and basic materials, particularly precious metals), industrials (the US exporters and non-US importers), and technology.

On a relative basis, it is actually the best time to buy the stocks of the high quality (of those still fairly-priced) microcap manufacturing, service and R&D companies and the speculative resource exploration and development companies. Trades could be funded via sales of large caps that may presently be enjoying long-term cycle-ending spike tops or from those that appear to have finished their 2002-2007 Bull phase and are headed south.

As the global economy appears to continue its rapid growth based on expansion of the BRIC economies (Brazil, Russia, India and China), and the US economy staves off recession due to continued growth of the money supply, the conditions are now right for a final blow-off and commencement of a secular Bear, possibly September-October.

The driver for change from Bull to Bear will likely be interest rates, which must go up to combat the rise in commodity prices. As the USD falls, inflation is being imported into the US. So the Dollar must be supported. The Fed has been taking action because the yield on three-month T-Bills has rallied in three weeks from +4.56 pct to +4.82 pct. As the cost of money increases, there will be some more credit bubbles popping.

West Texas Intermediate Crude is up to $74.13 (well above the 65 comfort level), the $CRB is now up to 325.09 (above the 320 comfort level), and gold/silver bullion and share prices are rising, looking like a break-out is imminent. The Treasury must continue to raise $12 billion a month for Iraq and Afghanistan in addition to needing funds to meet the rest of the deficit spending by Congress. If the Fed doesn’t take action now, we’ll soon see $80 oil and $750 gold.

I’m not so sure the Fed and Treasury are not already cooked. The more bonds and notes they are forced to issue to meet the needs of government, there is a crowding out in the marketplace, and rates have to rise. If, as and when rates lift beyond a certain level, however, there will be over-leveraged funds and small banks that will fail.

Clearly there is a crisis of confidence in the USD. It was just mid-June (less than 4 weeks ago) when the $USD traded at 83.27, whereas the price today is 80.58. Even the 200-day (40-week) Moving average of the $USD is 83.77. So the mighty Dollar that CNBC commentator Larry Kudlow prattles on about – the greatest story never told (LOL) – is soon to be a 70-cent funny money dollar.

I call it the Dollar comprised of twenty wooden nickels.

Even the selling of gold by the European central banks, which funds their purchase of $USD (intended to relieve the stress on the Euro and Pound, which are setting record highs), is not enough. The investment demand for gold is not being matched in the aggregate by supply from the miners or other commercial sources or the central bank selling, so the precious metals are becoming more precious by the week.

Yes, the monetary conditions are ripe for higher equity prices, but don’t miss note of the fact that commodity prices are rising faster. This week, for instance, traders were agog over the S&P 500 lifting +1.52 pct in a single week, but oil (1.81 pct), gold (+1.91 pct), silver (+2.77 pct) and gold stocks ($XAU +4.19 pct) far out-performed.

Moreover, in the last major rally in the equity market five weeks ago, when the S&P 500 jumped +2.07 pct, commodities ($CRB +3.83 pct), oil (+5.84 pct), gold (just +0.74 pct), silver (+1.52 pct) and gold stocks ($XAU +3.97 pct) fared better in total.

Two weeks before that there was another rally in the S&P 500 of major proportions (+2.22 pct), but oil (+1.67 pct on that Friday), gold (+2.34 pct), silver (+5.69 pct) and gold stocks ($XAU +4.87 pct) did much better.

The point I am making here is that, like other things, this equity market is being pulled up by inflation, but the true inflation beneficiaries are beating the paper-backed equities and currencies hands-down.

As you can see how I categorized the sectors into three parts, the commodity price beneficiaries are winning, and the interest-sensitive and economy-sensitive beneficiaries are, on a relative basis, losing.

If you don’t believe that, look at the worst two sectors this week: consumer cyclicals (where XLY is the major ETF) [economy] and Financials (where XLF is the major ETF) [interest-sensitive].

And where the seams are coming apart, and which is the area of interest to seek the driver that will take down this roaring Bull, look at the Financials over the past month. They are the worst of the ten sectors of the market, with XLF being down -2.2 pct. Ugly. Yet, most traders think this market is on a screaming run higher.

Well, it is, but not without problems. It’s my job to look for the problems.

What the US Admin (including the Treasury) and the Fed are hoping for here is (i) that interest rates do not rise to the point of having knock-out power, and (ii) economic growth – surely the authorities have paved the road with enough money – that can right the foundering ship (inflation, ie, prices, rising faster than real wealth).

But, war costs a lot of money, and always causes inflation to pick up. And the US economy is not doing well, either on trend or compared to the long-term norm.

So what do we call the period of time that the economy is stagnating when at the same time it is inflating? We call that stag-flation. And as you know from reading this blog, stagflation is a killer of financial assets (like stocks, bonds and paper money). Obviously, stagflation has not held back the stock prices, so how do I see this scenario playing out?

I think we are quickly reaching – over the next eight to twelve weeks – the cycle peak for stocks. We, some time ago, reached the peak for bonds. What is left is for commodity prices to spike to their final cycle high. That will complete the cycle.

As you know, I thought this scenario was going to play out early this year, but that Paulson fellow is awfully influential. He happens to personally know quite a few of the major private equity players who he has smooth-talked into taking on huge debt/risk in order to pull equity prices higher by way of the corporate acquisitions game. As well, he knows most of the senior corporate CEOs and Chairmen, who he has managed to talk into issuing higher dividends and making open market purchases of their common shares, which in the aggregate have exceeded free cash flow, requiring taking on more debt.

To accomplish these actions, Henry Paulson has (i) borrowed resources from the future to make today as good as it can be, and (ii) played the credit swap game to a point where it is snowballing out of control, far bigger than anybody imagined it could be, just five years ago.

Regrettably, there is a flip side to Paulson’s Pride. The ridiculously low interest rates late in the Greenspan regime, combined with short-term and adjustable rate financing, now will be rolled over into new debt that will cost much more to service. That cost will be out of the reach of many players who failed to understand the concept called Reversion to the Mean. Rising interest rates will kill (and have been killing) many home-owners, small banks, and fund managers who are loaded up with debt.

Without the Rat Catcher Bill Cara in charge, it’s now time to pay the Piper.

Traders can still protect their assets by eliminating debt, buying puts, writing calls or just plain selling the stocks, and as an absolute minimum raising their protective stops across the equity portfolio.

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Global Market Summary

International Equities: Strong.

U.S. Equities : The broad US market indexes were very strong this week.

Dow 30 : The DJIA is at a new record.

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International Economics Review

Econoday Weekly International Report

US Economic Calendar for next week

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US Equity Markets Review

DJIA (interactive) chart

The Dow Jones Industrial Average (DJIA) closed the week at 13907, up +500 points from 13408 just two (short) weeks ago.

There is a lot of technical support in the 12750-12800 area (May-June-07 trading). There is even more support down at about the 12050 level of March-07.

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NASDAQ Composite (interactive) chart

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Sector ETF Summary

The tables I show are for ten (GICS) Sector Index Funds (ETF’s) only.

Eight of the ten sector ETF’s I follow here were up this week – and one down (XLY) with one flat (XLF).

Table 1: Cara ETF List is sorted by price performance Week over Week (W/W), i.e. 1W%N.

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
XLE	73.95	0.72	0.98%	3.37%	7.56%	5.48%	30.70%	17.29%	33.39%	29.40%
XLB	42.97	0.52	1.22%	3.29%	6.76%	5.32%	24.15%	10.52%	21.97%	39.83%
SMH	40.19	-0.03	-0.07%	2.45%	4.83%	7.32%	19.72%	16.59%	14.53%	31.04%
XLI	40.73	0.29	0.72%	2.34%	4.70%	3.61%	15.61%	12.95%	14.47%	25.48%
XLU	40.75	0.60	1.49%	2.23%	3.77%	1.42%	10.67%	0.07%	13.60%	24.77%
XLP	27.63	0.12	0.44%	1.28%	2.26%	0.11%	5.14%	1.99%	4.34%	13.99%
IYH	71.10	-0.13	-0.18%	0.94%	1.76%	0.14%	6.98%	1.46%	4.50%	18.13%
IYZ	34.82	0.04	0.12%	0.40%	3.02%	2.05%	17.40%	9.95%	17.91%	41.31%
XLF	36.68	0.14	0.38%	0.00%	0.82%	-2.24%	-0.65%	2.75%	-0.86%	15.53%
XLY	40.05	0.20	0.50%	-0.30%	1.96%	0.88%	3.97%	2.96%	2.01%	25.94%

You can do this table yourself by entering the following string into the Summary window at Billcara2.com and then clicking on the link for Performance. XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU . You can also add more ETF’s – up to 30 in total.

For a list of components to any ETF, simply go to the AMEX.com web site, and click on ETF’s. I do that frequently because the list of ETF’s growing incredibly fast.

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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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Individual Sector ETF Review

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

Top gun this week was Energy, where the XLE jumped +3.37 pct W/W to close at 73.95.

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Here’s the XLE Monthly, Weekly and Daily data charts:

XLE Monthly data:

XLE Weekly data:

XLE Daily data:

Table 2: Senior oil & gas equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
CVX	93.33	0.03	0.03%	6.44%	10.87%	13.36%	31.51%	21.19%	32.67%	43.72%
PBR	69.10	0.76	1.11%	5.08%	14.06%	16.78%	38.67%	30.48%	46.40%	58.49%
XOM	90.33	0.71	0.79%	4.48%	8.05%	6.56%	21.89%	16.69%	24.32%	40.99%
SU	95.21	1.70	1.82%	4.25%	7.65%	5.64%	28.82%	15.67%	30.21%	20.84%
TOT	86.98	0.56	0.65%	3.18%	9.11%	12.12%	22.56%	19.58%	28.10%	33.69%
STO	33.40	-0.10	-0.30%	2.83%	10.56%	18.52%	30.01%	18.52%	36.61%	12.04%
ECA	64.11	0.50	0.79%	2.54%	5.18%	-1.28%	41.40%	18.61%	38.92%	27.20%
IMO	48.76	0.37	0.76%	2.29%	5.68%	2.48%	36.74%	23.91%	48.30%	31.64%
CEO	120.18	0.29	0.24%	0.24%	6.30%	11.73%	27.48%	35.34%	37.76%	49.38%

Big Oil -- ChevronTexaco (CVX +6.4 pct) and ExxonMobil (XOM +4.5 pct) – was up BIG. PetroBrasil (PBR +5.1 pct) was also very strong.

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Integrated Oil & Gas - Canada

Oil & Gas Exploration & Production -Canada

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

The second best sector performer this week was Basic Material, where XLB jumped +3.29 pct.

Some of the gains were spectacular: the big one was Alcoa (AA +13.7 pct on the sheer relief to shareholders the company didn’t dilute itself or get further indebted by about $40 billion to take over Alcan). Posco Steel of Korea (PKX +12.8 pct) had a spectacular week as well. CVRD of Brazil (RIO +8.1), Canada’s Teck-Cominco (TCK +10.7 pct) and South Africa’s Gold Fields (GFI +6.5 pct W/W) were extraordinarily strong.

Here’s the XLB Monthly, Weekly and Daily data charts:

XLB Monthly data:

XLB Weekly data:

XLB Daily data:

Table 3: Senior metals and steel equities:

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
AA	47.35	2.06	4.55%	13.66%	20.48%	15.04%	61.44%	34.82%	53.78%	52.79%
PKX	149.95	7.97	5.61%	12.76%	26.60%	17.42%	88.78%	46.38%	85.63%	149.29%
TCK	49.65	0.07	0.14%	10.73%	17.07%	8.36%	-28.30%	-33.45%	-29.61%	-17.29%
RIO	51.94	-0.35	-0.67%	8.14%	18.02%	13.48%	80.22%	25.92%	74.88%	132.08%
NUE	63.77	0.60	0.95%	4.54%	9.59%	1.92%	17.01%	-4.52%	13.27%	28.10%
BHP	67.96	-0.66	-0.96%	4.11%	14.70%	17.78%	74.84%	34.81%	71.96%	58.05%
MT	67.19	-0.70	-1.03%	3.66%	7.25%	4.11%	64.68%	23.60%	65.66%	113.30%
GGB	27.55	-0.05	-0.18%	1.62%	7.53%	12.45%	67.78%	40.92%	75.81%	90.66%
TS	51.74	-1.31	-2.47%	1.45%	5.66%	7.43%	6.64%	6.70%	2.76%	38.19%
RTP	304.14	-13.57	-4.27%	-5.61%	0.37%	0.46%	49.02%	23.12%	47.33%	49.16%

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

If mining and oil is doing well, then so too is the company that makes most of the heavy equipment Caterpillar (CAT +8.0 pct W/W). Fedex (FDX) was lifted higher (+5.8 pct), I suppose because the customers have agreed to pay the fuel surcharges. (LOL)

The falling USD has surely helped these large industrial exporters. When the $USD reaches zero, foreigners get to receive things like Boeing planes, United Technologies elevators, GE turbines and Honeywell control systems FREE. The buyers will just have to pay for delivery, which is going to be costly.

These American workers will have jobs however, but they won’t be able to pay the required $100 per gallon of gas, and they’ll be stranded in their own country, unable to pay the airline fuel surcharges or the high cost travel abroad.

Not all will be lost; the wait staff at American hotels and restaurants will love those high-tipping foreigners. Serve the world with a smile.

All those coins and one dollar bills will be taken out of circulation, and the other paper money will all have extra zero’s on the face. Like the $100 bill will become the ten.

For a while you might even think you have more money. (LOL)

No, inflation is not a good thing.

We’ve already gone from a 25 cent cup of coffee to $2.50. Next stop $25.00. Same coffee. Same smiling faces behind the counter. And with a cookie on the side, you can donate your change from a ten spot right into the clear plastic jar for donations, beside the cash register.

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Here’s the XLI Monthly, Weekly and Daily data charts:

XLI Monthly data:

XLI Weekly data:

XLI Daily data:

Table 4: Senior capital goods makers and transportation:

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
CAT	85.13	1.04	1.24%	8.02%	7.64%	5.45%	39.19%	27.46%	42.50%	22.14%
FDX	117.25	2.83	2.47%	5.78%	4.34%	5.84%	6.81%	8.66%	7.71%	6.06%
ABB	24.82	-0.20	-0.80%	4.33%	10.51%	12.26%	39.28%	37.28%	40.07%	106.32%
UTX	75.00	1.01	1.37%	3.31%	5.50%	5.22%	19.41%	15.30%	16.42%	22.09%
BA	101.88	1.10	1.09%	3.03%	7.06%	2.94%	14.25%	11.92%	15.60%	28.01%
GE	39.50	0.50	1.28%	2.65%	3.62%	4.50%	4.03%	11.64%	4.25%	20.91%
MMM	90.22	0.29	0.32%	2.39%	3.88%	3.20%	15.28%	17.60%	13.68%	25.95%
ERJ	50.06	-1.12	-2.19%	2.14%	3.49%	-0.79%	22.76%	6.42%	26.96%	46.37%
HON	60.14	-0.30	-0.50%	1.79%	6.67%	3.26%	33.35%	27.88%	32.00%	58.30%

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

Consumer discretionary spending may go the way of the horse and buggy if prices keep jumping. Thank goodness there are employers and clients who don’t mind paying +10 pct higher wages and fees this year. Those are the understanding ones who also don’t believe the govt crapola that inflation is rising by +2 pct a year.

This sector’s ETF is the XLY, which was the only one of the ten that dropped in price this week. When it comes to consumers, everything is on sale. All clothing in this store reduced by -50 pct; XLY down by -0.30 pct over last week, now on sale at $40.05 – priced at $40.33 on June 2.

Here’s the XLY Monthly, Weekly and Daily data charts:

XLY Monthly data:

XLY Weekly data:

XLY Daily data:

Table 5: Senior consumer discretionary equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
JCP	75.85	0.39	0.52%	4.55%	4.02%	-0.22%	-2.83%	-6.61%	-3.83%	17.09%
EBAY	33.95	-0.28	-0.82%	1.68%	6.23%	7.40%	12.53%	-2.39%	13.17%	27.73%
BC	32.98	0.17	0.52%	0.61%	0.09%	-2.60%	3.32%	7.88%	8.06%	16.74%
TM	125.98	-0.32	-0.25%	-0.20%	1.05%	1.83%	-6.89%	3.67%	-3.75%	27.12%
DIS	34.37	0.12	0.35%	-0.35%	1.54%	1.72%	0.50%	-1.01%	-2.39%	19.76%
CCL	47.73	0.87	1.86%	-0.87%	-1.67%	-4.12%	-6.32%	5.48%	-6.25%	20.41%
NKE	59.01	-0.45	-0.76%	-1.11%	1.24%	9.93%	20.85%	9.99%	18.30%	49.85%
SBUX	26.07	0.11	0.42%	-1.81%	-1.44%	-5.58%	-26.04%	-15.25%	-27.38%	-23.37%
WHR	111.31	0.22	0.20%	-2.29%	-1.10%	-0.78%	31.48%	25.39%	29.73%	45.41%

JC Penny (JCP) managed a rally of +4.6 pct.

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

Consumer Staples (XLP +1.28 pct W/W) closed Friday at 27.63.

In the case of the haves, Whole Food Markets (WFMI) zoomed +6.4 pct. Seems like many of you are perturbed. Try buying food here at City Markets, which is like Safeway. No income tax has its advantages, but you pay for it at City Markets. From one pocket or another.

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

XLP Monthly data:

XLP Weekly data:

XLP Daily data:

Table 6: Senior consumer staples equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
WFMI	40.50	1.50	3.85%	6.41%	5.22%	3.05%	-10.95%	-8.66%	-11.42%	-32.29%
DEO	85.73	0.81	0.95%	3.14%	3.04%	0.85%	7.80%	4.28%	8.11%	27.54%
ABV	74.98	0.74	1.00%	2.43%	8.07%	2.64%	52.71%	29.41%	48.74%	91.72%
PG	62.66	-0.27	-0.43%	1.92%	2.12%	0.38%	-2.91%	-1.14%	-3.60%	10.82%
WAG	45.20	0.10	0.22%	1.78%	3.84%	3.08%	-1.89%	-1.57%	-2.16%	-2.63%
WMT	49.15	0.32	0.66%	1.57%	1.95%	-0.26%	3.36%	3.67%	2.44%	11.30%
KO	53.11	0.48	0.91%	0.97%	0.91%	3.51%	9.32%	6.48%	9.39%	23.23%
PEP	66.85	-0.09	-0.13%	0.95%	2.45%	-0.06%	6.58%	3.80%	3.32%	7.70%
MO	71.70	-0.37	-0.51%	0.14%	2.55%	1.75%	10.44%	3.08%	8.05%	24.54%
BUD	50.82	0.36	0.71%	-1.57%	-1.78%	-3.86%	3.25%	-2.53%	0.95%	11.79%

Everybody’s drinking booze though. Diageo (DEO) was up +3.1 pct W/W.

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

The healthcare ETF I use (IYH) was up +0.94 pct to 71.10.

Amgen (AMGN) hit higher prices (+3.9 pct).

Here’s the IYH Monthly, Weekly and Daily data charts:

IYH Monthly data:

IYH Weekly data:

IYH Daily data:

Table 7: Senior healthcare equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
AMGN	56.93	0.98	1.75%	3.85%	2.93%	-2.23%	-16.77%	-3.56%	-22.30%	-13.23%
JNJ	63.43	0.07	0.11%	2.09%	3.14%	1.57%	-4.47%	1.73%	-4.82%	5.24%
BMY	32.06	0.04	0.12%	1.62%	1.36%	7.48%	21.53%	13.21%	22.13%	29.38%
GSK	52.54	-0.10	-0.19%	1.43%	0.17%	0.77%	-2.36%	-9.57%	-2.25%	-3.51%
DNA	75.50	0.24	0.32%	0.53%	-0.17%	-0.98%	-7.70%	-7.17%	-13.05%	-6.50%
PFE	25.91	-0.07	-0.27%	-0.04%	1.09%	-1.82%	-1.45%	-2.85%	-2.74%	13.29%
UNH	52.98	-0.11	-0.21%	-0.08%	1.69%	0.06%	0.78%	0.06%	-3.85%	10.35%
AET	50.91	-0.82	-1.59%	-0.33%	2.13%	0.63%	18.73%	14.10%	20.21%	32.23%
BMET	45.62	-0.28	-0.61%	-0.35%	0.04%	0.15%	10.01%	6.14%	9.32%	47.35%
NVS	54.94	-0.84	-1.51%	-0.70%	-1.84%	-0.04%	-5.50%	-2.54%	-5.59%	-0.40%

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

The two losers in my monitor this week are the two closest friends of Paulson – Goldman Sachs (GS -0.7 pct) and Lehman Bros (LEH -1.7 pct).

XLF, which is the main ETF for the Financial sector is the biggest loser of the ten over the past four weeks – down -2.2 pct. Either the financials get their act in gear or the equity market is not going much higher from here.

XLF was flat (0.00 pct) this week, closing at 36.68.

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Here’s the XLF Monthly, Weekly and Daily data charts:

XLF Monthly data:

XLF Weekly data:

XLF Daily data:

Table 8: Senior financial company equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
JPM	50.05	0.52	1.05%	2.21%	2.23%	-0.54%	4.12%	1.96%	4.29%	20.92%
MER	86.54	1.02	1.19%	2.20%	0.60%	-3.98%	-7.55%	0.30%	-10.80%	26.34%
C	52.52	-0.32	-0.61%	1.59%	1.37%	-2.14%	-4.94%	1.78%	-3.42%	9.71%
CS	74.00	-0.13	-0.18%	1.51%	4.85%	0.89%	5.55%	0.65%	8.31%	0.00%
UBS	61.49	0.51	0.84%	0.62%	3.36%	-0.13%	0.16%	-0.05%	0.62%	20.57%
DB	148.42	1.51	1.03%	0.26%	3.34%	1.23%	9.66%	4.23%	10.11%	38.32%
HBC	93.15	-0.65	-0.69%	0.26%	1.14%	0.96%	0.19%	1.47%	3.09%	6.96%
MS	73.26	0.86	1.19%	0.23%	-13.69%	-17.96%	-10.24%	-8.41%	-11.59%	19.18%
GS	222.18	1.89	0.86%	-0.65%	1.47%	-1.58%	10.69%	7.59%	3.83%	55.86%
LEH	73.50	0.26	0.35%	-1.74%	-3.19%	-6.73%	-6.52%	1.77%	-11.17%	19.98%

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

The third best sector ETF performer this week was the Semi-conductor SMH, up +2.45 pct to 40.19.

Big winner was SanDisk, maker of my mp3 (which is a constant in my life now that I spend all my time around poolside). The music was really playing as SNDK jumped +11.3.

The 800-pound gorilla in the chip business – the one I spent a lot of time a year ago telling everybody was a prominent Cara 100 company – Intel (INTC) was in the chips this week, up +5.2 pct.

And the great facilitator of the Internet, (Cara 100) Cisco (CSCO) was up +5.0 pct. Between Intel and Cisco, that’s a lot of weight in the indexes, particularly Nasdaq.

Incredibly fast growing (Cara 100) Cognizant Technology (CTSH) was up +9.2 pct.

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Here’s the SMH Monthly, Weekly and Daily data charts:

SMH Monthly data:

SMH Weekly data:

SMH Daily data:

Table 9: Senior technology equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change <