With just over an hour remaining in today's session, I am wondering if a correction in the major equity market ETF's has ended, and if a new upleg is in its infancy. But I notice that financial powerhouse Goldman Sachs (NYSE: GS) remains down about 2.5% for the session, and more importantly, remains below its 200 DMA (208.31). I see that Google (NASDAQ: GOOG) is still down 5% for the session, having bounced off of its 50 DMA (510.81) this AM.

I also see that spot gold is up about $18 since last Friday's close-- and is now trading 90% up the range for this week...and that the iShares Lehman 20+ Year Treas Bond (AMEX: TLT) is holding in the upper 80% of the today's breakout advance. I see that the dollar is down a lot against the Yen, and is just off its (extrapolated) 12 year lows vs. the Euro.

What does it all mean? That I should not (yet) come to the conclusion that the major equity market ETF's are once again on their merry way to new highs.

While on the subject of Google, our suggestion yesterday, based on the longer term patterns and relative strength relationship between GOOG and Microsoft (NASDAQ: MSFT), that MSFT could be enterning a more favorable period seems to have started with the reaction to last night's earnings reports. Let's take another look at the relative strength chart of GOOG vs. MSFT in the attached chart.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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