Wednesday, July 1, 2009

07.01.09 - Low Volatility Day

The S&P500 has come back a full percent on the first day of the month and volatility has been very low just above R1. Internals are largely positive and the VIX is back down near 25 for new 9-month lows. However, Finanicals (XLF +0.33%) and Consumer Discretionaries (XLY +1.39 vs. XLP +2.22%) are lagging more than I'd like, and the 62% retrace continues to prove a difficult level to vault. Today marks the sixth day of higher highs on the SPY, hmmm...

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