Getting Crazy Cross Currents

 | Jan 17, 2012 | 11:50 AM EST
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We got some crazy cross-currents today. The iPath Dow Jones UBS Copper (JJC), my number one indicator, is flying courtesy of reduce LME inventories and the soft landing in China. That usually goes hand in hand with the transports. Not today, though, with the rails and the FedEx (FDX)/UPS (UPS) complex failing. Sure, FDX and UNP got downgrades today. Still copper is the best tell of worldwide growth prospects, and it is saying to ignore the transports. However, I have been taught to ignore the transports at my own peril.

Meanwhile check out the Retail Holdrs (RTH), which are making a breakout you wouldn't believe possible after the ugly numbers from Kohl's (KSS) and Target (TGT), numbers which I didn't think the strength in Bed, Bath & Beyond (BBBY), Ross Stores (ROST) and TJX Cos. (TJX) could offset.

That breakout is of super significance because it has been so long in coming. Even the HGX has been doing better.

So, a lot of offsets, some critical reversals -- did you see that reversal in Schlumberger (SLB)? -- but a tone that says, "We are still okay from here."

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