State Union

Yesterday's state union address by Obama clearly states that alternative energy is the next focus area when it comes to federal funding programs etc. The field of alternative energy is very wide and focusing on one technology or approach is futile at this point. Thus, I'll monitor everything and hopefully the cream will rise to the top by means of price action or earning reports.

Today's market action was interesting - looks like folks are ready to rise the precious metals train - gold, silver etc. Also, XLE, XLI, Refiners, OIH, and Coals were on fire. It'll be interesting to watch if this all reverses to the downside and today was just an odd day. I am in the latter camp. I believe that money is leaving quietly, the breadth is weak and everyone is bullish to the limits. The boat is almost ready to topple as the weight on one side is just not healthy for this boat to stay afloat. Finally, the market is almost making new highs but without $TRAN this time - Dow theory believers- you know what this means. The funniest thing is consumer discretionary stocks are making new highs and energy prices are rising too... There used to be a negative correlation between these two but then whoever said that these are normal times, need to think again.