The tide isn't rising, 'it's just certain boats are powering ahead on their own juice'

Michael Kahn, senior market analyst at Lowry Research Corp., says that technical analysis shows that the market at record highs is hiding the fact that parts of the market are not working, and that a number of indexes and indicators -- with the notable exception of the Standard and Poor's 500 -- are flat or struggling. 'I don't see that the rising tide is raising all boats,' Kahn says. 'I don't think the tide is rising.' In the Big Interview, Richard Smith of The RISK Rituals newsletter -- chief executive at the Foundation for the Study of Cycles -- talks about current market movements and how investors can better deal with risk. Michael Ordonez of Thornburg Investment Management, says in The NAVigator that the difficult environment for income-oriented investors, coupled with regulatory changes allowing for a more consumer-friendly structure led to the firm creating its first-ever closed-end fund, and that he expects more funds to take up the new structure. And in the Market Call, Andrey Kutuzov, portfolio manager for Seven Canyons Advisors, discusses small-cap growth investing around the globe.