Over the year I have talked about the four horsemen . The reason for pointing them out was that, at one point, 33% of the NDX was manifest in those four stocks - AAPL, GOOG, RIMM, and MSFT.

Well, now there are five horsemen , as we add QCOM to the list which, combined now they account for some 38% fo the NDX. Watch these five horsemen if you want to know what the NASDAQ is probably going to do.

Oil's inability to hold price has led to some broad selling in the commodity markets dashing my thoughts on a good trade this morning. So it goes. The inability to hold price here despite the hurricane threat over a long weekend is a real tell on how much supply concerns there are .... like next to none maybe.

Oil's demise has been gains for the indexes as they get a false push higher on the back of lower oil. Don't know how much longer they can hold that and we leg into short positions on strength. Just a function of our trading style at the current inflection point.

Although gold clearly was hurt over the past two months, it had a whoosh low and today is breaking out over a swing point. That sets up a run higher.

Welcome to the jungle ... to another day where confused contortionists sit idly wondering if their practice is out of date. We have an odd mix of those that fear inflation and deflation at the same time. We have broken credit markets yet positive GDP here and most elsewhere. We have confusion!

The Dallas Herald ran a story of entrepreneurs being turned away at the credit windows. Eventually that takes a toll. I know anecdotally that you can't even get a credit line (HELOC) anymore even with pristine credit. Banks are hoarding capital although it is they who are in the business to lend. Welcome to a jungle of confusion!

The push higher, while it looked good on paper, turns out to be little more than hot air in the end. The push comes on even less volume than we have seen all week and once again underscores the notion that we won't get a good read on anything until the big boys and girls return after Labor Day. That will bring the summer trading to an official end.

GTE trades in the oil sector and that sector has found a little relief lately. We've not looked at this since April. Longer term it's a sector to consider again. How about now and how about this one?

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