After two wild days, the S&P is up a whopping 2 points this week. The DOW is down 85 points but the RUSSELL is up 1% and the NASDAQ is up 28 points…the SOX is flat and guess what, nothing has changed from our weekend report.
From that report:
The RUSSELL is the strongest…and remains so. Just behind it is the NASDAQ and NDX. After that is the S&P and then the weakest being the DOW. So again, nothing changed.
We also went on to note in recent days how well the relative strength of growth names are holding up. In fact, Tuesday’s 390 point drop did not budge them…and when the market ramped on Wednesday, most growth names led…with a few breaking out.
AND we have continued to tell you the big banks aint happening. They were smoked on Tuesday with an anemic bounce yesterday. They are still an avoid with some names like GS and C downright horrid. The good news is markets are still ignoring this important area as often, markets will follow financials down.
We do want to make note that the oils had a very strong bounce yesterday after its recent drop from extended conditions. The strongest names bounced back hardest with many names lagging. We suspect this area is now going to trade wide and loose between yesterday’s lows and last week’s highs.
Futures are up but just a wee bit.