Sector Investing

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I still remain convinced that we are in the process of making another market top. It is however a process. As bull markets get more mature different sectors become leaders other than those that initially lead out of a bear market. Despite the fire lit by QE3 under the market neither the transports nor the SOX is doing much yet to confirm that this rally is healthy. Even if this quarter's earnings are met with healthy buying (and they just might be) we are getting ever closer to a potential double top for the industrials at 14198.10:



I will be interested to see the action in the semiconductor sector over the next couple of weeks as earnings start to be reported.

RtS