SMH, AMZN & MSFT: Just wandering through tech-land spotting winners and losers. You can buy just about anything at AMZN now while semis suffer since most are made offshore. Why are conditions at Microsoft bizarre? Most of their large cash hoards, like many large multinationals, are offshore. If they repatriate it, they must pay high U.S. corporate taxes in addition to the lower corporate taxes offshore -- a double tax. So, to increase the dividend, they sell short-term bonds for less than 1% and avoid the tax. Most Americans don't know U.S. corporate taxes drive companies offshore to friendlier environments. We outsource jobs and wealth -- pretty stupid.

XLB: Materials suffered in the sell program basket despite higher base metals prices.

XLF: I don't think the new FinRegs are as friendly to banks as initially advertised by TPTB.

XLY & XRT: Retail is a sector I don't get since the data driving consumer confidence and spending (employment and home prices) aren't supportive.

XLI: Weak with sell programs and a slightly stronger dollar.

IYR: In the volatile trading range still.

IYT: Backing away from resistance with sell programs.

XLV: Health care issues caught in a tight range with sell programs Thursday.

IEF, TLT & TIP: Bonds just continue to defy any notion to sell them.

Continue to Currency & Commodity Markets

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