THE CLOSE

Specifically, the NASDAQ/NDX/SEMIS remain under some pressure but let us take the good side of the coin. All have pulled back to and near their respective 10 week/50 day moving averages and so far held. The SEMIS are the stronger of the 3. On top of that, our proprietary list of strong growth names show harsh pullbacks but just about all are still holding those support areas. We will now be looking to see whether they hold or not. The rest of the market continues to outperform. Remember our theme about the CHANGING OF THE GUARD. It continued today as lower beta, industrial-types winning the day here. We are watching about as close as possible because if leading growth names hold these areas well, there will be another play out of them.