Interesting day for the markets today. Dow was up and that thanks to IBM and DUPONT but breath was negative on the NYSE and the S&P 500 was down fractionally on higher volume (distribution day). Commodities and commodity stocks the leaders of this bull market were weak across the board while the dogs were barking (for the definition of the word dogs please look under semiconductors). The question is can the semis lead higher without commodity stocks participating. I seriously doubt it. Also momentum indicators such as stochastics and RSI have turned down. Stochastics has been overbought since April 4. If a pull back were to happen the conditions for it are perfect right now.
Shw sold off on high volume today. I am looking for a short entry if it breaks 63.53.
Ctsh retraced 38% of its high volume down move making it another short candidate I am looking at.
Ctsh retraced 38% of its high volume down move making it another short candidate I am looking at.
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