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Arena Pharmaceuticals (ARNA) yesterday announced that olorinab failed to meet the primary endpoint in the Phase 2 CAPTIVATE study in IBS abdominal pain. This is disappointing but not remotely the reason to own (or sell) the stock. IBS is a difficult to treat condition and when we got into Arena the programs with olorinab didn’t even exist.

We will place ProShares S&P 500 Ultra Fund (SSO) on Hold to respect the message from our Tides.

Our overall investment barometer moved a bit more bearish this month, but our select group of advisors maintains a cautious but bullish stance, as you’ll see in our Market Views section.

With the market remaining under intense pressure, you should remain cautious until the buyers show up. Today we’re selling one-third of one position, which will leave the Model Portfolio with nearly 60% in cash.

The major indexes were mixed on Friday, with the Dow rising 119 points and the Nasdaq falling 20 points, though many growth stocks took it on the chin as money rotated toward beaten-down names. As a result, we have one sale and two rating changes.

The chances that the stock market will rise another 18% during the next 12 months or so are pretty good.

Earnings have been sensational. Reported earnings for S&P 500 companies have grown an average of 2% in the fourth quarter, compared to an expected -11%.

This week I’m pleased to bring you something very special: an interview with Dick Davis Digest founder Dick Davis. Prior to founding the Digest, Dick Davis worked at Merrill Lynch, where he began a prolific career as a stock market commentator for radio, television and newspaper. His daily TV market report...

We have 10 stocks, seven of which are doing quite well, one of which is new, and two of which are acting a little weak.