Yesterday three of the sector funds closed above their 13 ema and were candidates to lead the next rally. Those were biotech, healthcare and phamaceutical. They were all down today surprise surprise, but on a relative basis not as bad. Biotech remains above its 13ema and the other two closed below but above yesterdays lows which cant be said for the other sectors.
banks, basic materials, financial,xau, telecom and wireless got beat by the ugly candlestick today.
former strong sectors, energy and real estate, joined the selling spree and got ugly too.
The closing trin was VEEEEEEERY high and should give a green close tomorrow, but dont expect a lot more after that. Should we get the green close i anticipate selling the spx fund and getting back to cash.
europe and asia are due for a green day and if they can get green before we open that should help us get green too.
steve
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