Charts speak more than words, so lets look at a few of them this morning.
Overall much has been thrown at equities here and they are just slowly moving lower, no crash. This leads me to think we may have a little relief upside here soon for a few days. But as always, we need confirmation first.
The S&P 500 in its bear flag…hard to see it fall out of there today but if and when it does we can evaluate better.
Consumer discretionary stocks look like all other S&P 500 cyclical sectors…bearish and ready to break lower…much like the SPX itself. But here too, its a little hard to see it happen today.
Oil has been a relative outperformer…that is somewhat positive for equities immediate term
Broker dealer stocks too, bear flag.
Where is some of the money going? How about Wal-Mart (WMT). Its parabolic and I am considering a pairs trade to short WMT and long SPY potentially later today
