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Internals were negative, with volume slightly heavier. Advances/declines were just below flat on the NYSE and 4 to 5 on the Nasdaq, with up/down volume 1 to 2 on both exchanges. New highs/lows were 233/6 on the NYSE and 100/14 on the Nasdaq.
Leaders — Airlines (+1.98%), Transport (+1.64%), Gold/Silver (+1.13%), REITs (+0.57%), Insurance (+0.32%), Utilities (+0.24%), Drugs (-0.00%), Paper (-0.07%)
Laggards — Disk Drives (-3.33%), Natural Gas (-2.43%), Broker Dealers (-2.35%), Banks (-2.23%), Oil (-1.61%), HMOs (-1.50%), Homebuilders (-1.40%), Telecoms (-1.36%)
An extensive visual representation of the day’s winners and losers can be found at Finviz.com.
Treasury Yields — 6-Month : 0.07 %, 2-Year : 0.21 %, 5-Year : 0.77 %, 10-Year : 1.94 %, 30-Year : 3.09 %
Energy Prices — Crude oil: $99.87/barrel, Gasoline: $2.85/gallon, Natural Gas: $2.59/mmBTU
US Dollar Index — 79.433
Precious Metals — Gold: $1720.50/ounce, Silver: $33.44/ounce, Platinum: $1606.00/ounce
BMB Note:
Minor reversal/pullback today — actually, I’d like to see more. And the pullback should serve as a gauge. Dave Landry:
Sooner or later the market will have to correct. And, again, the nature of the next correction will be important. If the market comes back in below its prior breakout levels (circa the January lows) then as trend followers, there’s no trend to follow. If it has a minor correction then goes back to climbing the wall of worry, then it’s all good.
A few more thoughts on yesterday’s Fed foolery:
Now that they’ve said that we’ll have low rates until the end of time, everyone just *knows* that the market will just keep going up and up on an endless supply of free money. They’re absolutely certain of it, because that’s just the way it works, right?
But it ain’t that simple. It never is. If it was, the Fed would just print non-stop and the market would never go down.
You know what they say, if everybody knows it, it probably isn’t worth knowing.
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