I'm Back In Business......

.....But Infospace (INSP) may not be. More on that in a sec.

First to wrap up the deal yesterday; it was an preemptive internal episode. Before I joined the company there was no type of Internet or media presence within the firm. This boils down to growing pains for our firm. I was not accused of anything unethical or deceptive. This site needs to be disclaimed differently, which I have taken care of. Some of the other things that I have been able to do because of the site may need to change but to repeat, it won't alter the content here. The work done here is very important to me. Thank you to everyone that emailed.

Moving on.

Amazon (AMZN) and Infospace, yikes:-O. Chances are the market has over reacted to these earnings reports but tell that to anyone that bought the stock trying to game the number. A theme here lately is the market is not being kind to risk takers and the action in these stocks shows that continues for now. This theme is playing out this morning with some foreign tech names too.

The way in which the SPX continues to pin around its 200 DMA tells me that it is a significant level (not a shock, but nice to see). Chances are I will make another defensive tweak today in client accounts. The go slow approach I have been taking is consistent with my philosophy in general. The market could on any day permanently take back the 200 DMA and while the trend seems to be down and while I doubt things will turn up, the market is not crashing. At least not yet. I had a chat with a client yesterday and reminded him that while we are down about 5% over the last few weeks it is still only down a little. In October 1997 and a six week period in the summer of 1998 went down 20%, that was 20%.

For all I know we may be on the way to that and while I hope that does not happen we should be ready.

Remember the goals here are to try to miss most of down a lot (if that happens) and not worry about being right this week. My time horizon is a little longer than a few days.