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Internals were positive, but volume was abysmal. Advances/declines were near 12 to 7 on both exchanges, with up/down volume just better than flat on the NYSE and 11 to 8 on the Nasdaq. New highs/lows were 178/9 on the NYSE and 75/11 on the Nasdaq.
Leaders — HMOs (+2.31%), Airlines (+2.08%), Hospitals (+1.93%), Disk Drives (+1.78%), Gold/Silver (+1.38%), Metals (+1.35%), Oil Services (+1.26%), Chemicals (+1.09%)
Laggards — Utilities (-1.29%), Oil (-0.73%), Paper (-0.63%), Drugs (-0.63%), Defense (-0.49%), Insurance (-0.29%), Telecoms (-0.03%), Health Care Products (-0.01%)
An extensive visual representation of the day’s winners and losers can be found at Finviz.com.
Treasury Yields — 6-Month : 0.08 %, 2-Year : 0.21 %, 5-Year : 0.75 %, 10-Year : 1.89 %, 30-Year : 3.06 %
Energy Prices — Crude oil: $99.66/barrel, Gasoline: $2.93/gallon, Natural Gas: $2.69/mmBTU
US Dollar Index — 78.873
Precious Metals — Gold: $1737.80/ounce, Silver: $33.95/ounce, Platinum: $1618.00/ounce
BMB Note:
I think Larry McMillan did a good job of ‘market wrap’ today in his Option Strategist Weekly Updater:
There have only been four down days in January, and as a result the market is very overbought. The intermediate-term indicators are mostly still positive at this time, although there is one glaring exception — a new sell signal (just registered today) from the standard equity-only put-call ratio.
Other intermediate-term indicators remain positive, though. For example, $SPX is still clearly in an uptrend. However, if the 1260 level were breached, that would be much more bearish.
Breadth indicators remain on buy signals. $VIX remains in a steady downtrend, which is also bullish.
In summary, a short-term correction should begin almost immediately. But the intermediate-term bullish trend should be able to reassert itself.
Correction? What’s that?
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