Yesterday, we stated that a bunch of glamour growth names were either breaking support or pulling back heard. BUT…we were not saying any additional selling in other areas. Of course, that could change but as of the close, nothing doing. A few thoughts:
OILS now extended and overbought from this recent move. Suspect pullbacks are better for probing.
GOLD held the 50 day yesterday. It will need to continue to hold.
TRANSPORTS didnt budge. SMALL CAPS didnt budge.
Seeing good patterns in some hotels, housing, transport-types.
NDX futures up nicely this morning as worst names from yesterday bounce. Will know more by the bounce.