6.00 P.M We are somewhat lost. The internals, advance declines, volume etc., are degrading on this rally, our longer term cycles have turned down. But the market still keeps chugging along. We doubt we can break 1018 on such weak internals, atleast not during the day - maybe overnight. If this is indeed a pump job due to the FED liquidity injections, it is one fantastic job. Yesterday it was energy, today financials. Probably tomorrow it will be biotech and tech and so on. One thing to note is there are some marquee names which have given up rallying altogether e.g. FSLR, RIMM, INTC, LOW, SHLD. It is almost as if a few stocks are carrying the indices further and one by one the stocks are falling to the bear.
If there is no selling pronto, we will just have to sit this out until 975 or 1018 is broken.
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