More Nazzy Highs


Monday’s gains mark a return for major indexes to record or near-record territory. Receding fears about Greece’s financial situation and some stronger-than-expected earnings reports have bolstered shares in recent sessions. For the month, the Dow has added 2.7% and the S&P 500 has gained 3.2%.

So far so good.  Its hard to be negative on tech when NFLX and GOOG reported such strong numbers. It cuts both ways though, as IBM reported their thirteenth consecutive revenue shortfall after the close. IBM is old tech though, and is actually more involved in other things these days.

The big news is commodities and that famous commodity supercycle is crashing fast.

Gold, silver and the miners have been getting completely crushed. Crude is starting to break lower too.

Actually this could be good for the market because that money will have to find a new home somewhere. Biotech? Technology? Apple reports tomorrow after the close.

See you in the morning.

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