DOWch! AND by the way, have you seen the Homebuilder stocks.

Although there are two ugly down days now, I don’t have any urge to buy anything.

The Nasdaq continues to lead the downside in a drip-drip motion. I have little short exposure, but TraderTim is loaded for BEAR.

The one bright spot is Gold which was pronounced dead by the CNBC pundits (ie. Bob Pisani) a few weeks ago at $550 and is trading over $660 today. The stocks have not rallied as well as the metal in my opinion and if the selloff stops, gold stocks may really rally from here. If Gold drops back down to $550, the stocks would get smoked. I have been selling more gold stocks the last few days and think we get another big pullback.

Oil is at $77 but many of the stocks are lagging.

I am eyeing Ebay, Apple and Adobe at these levels in tech. Any big pick up in panic and I would be selling premium on these.

To the homebuilders – Whoa!

I have not followed the broken stocks lately and was surprised to see the carnage done the last 3 months. All the stocks are down 50 percent from their all-time highs and DROPPING fast. The Chairman has the full story.

The disconnect for me is the strength in home pricing and the still relatively low rates.

Again – something has to give here. I think we see housing prices drop 10-15 percent in the next 12 months.

Overall, a very tough market and one left best to the gamblers and pro’s.