The relative strength of the primary U.S. benchmarks -- the Dow Industrials and the S&P 500 -- distorts the true picture for risk assets today. In fact, we do not even need to look closely to see the cracks all along the wall.

For example, the most important metal to the world’s economy appears destined for a bear market. Not only is iPath DJ Copper (JJC) well below its 100-day moving average, but the price is nearly 20% below its February peak.

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Dr. Copper -- the metal with a PhD in Economics -- may not have the same impact on stock price direction as in previous decades. Yet it is difficult to make a case that global central bank easing can bolster risk assets in perpetuity. In the U.S., SPDR Select Sector Energy (XLE) as well as SPDR Select Sector Materials (XLB) have both dropped below intermediate-term

Flare-ups in the eurozone refuse to disappear entirely. On the heels of a disastrous Italian election and a full-fledged banking crisis in Cyprus, a Portuguese court has ruled that some of the austerity requirements for bailout dollars are discriminatory. Prime Minister Coelho hopes to find a workaround, but alas… securing bailout money in the near future may be a bit more challenging than the leader cares to admit.

Since the S&P 500 recovered lost ground on Monday (4/8/13), pundits were quick to say that the market no longer responds to the eurozone’s tribulations. “This is the third bad European story this year, and the first two instances told us that the market doesn’t care,” Dan Greenhaus said. Mr. Greenhaus, chief global strategist at BTIG, offered his thoughts to the Wall Street Journal.

With all due respect to Mr. Greenhaus, it’s the fourth bad story. Last month, Greece refused to lay

On March 13, 2013, Fidelity Investments and BlackRock, Inc. (BLK) announced changes to their long-term strategic alliance . This includes expanding the quantity of no-commission iShares ETFs from 30 to 65, achieved by adding 45 ETFs to the list and removing 10. Fidelity’s lone ETF offering, Fidelity Nasdaq Composite Index Tracking Stock Fund (ONEQ), remains part of the list, raising the total count to 66 no-commission ETFs available to users of Fidelity’s online trading platforms.

Key points of the strategic alliance include:

• 45 iShares ETFs added to the no-commission lineup effective March 13.
• All 10 iShares Core ETFs are now commission-free at Fidelity.
• 10 iShares ETFs will be removed from the commission-free program effective April 30 (see list below).
• Effective July 31, any eligible iShares ETFs purchased commission-free must be held for a minimum of 30 calendar days (60 days for RIAs) or a short-term trading fee of