Friday's oversold state was bought heavily on the home sales catalyst, but on this light volume I see many of my long positions being held back at various key intra-day moving averages -- a sure sign of Quant Players and Robots dominating the trade. Although the market has faded a touch, we are still in the mid-day, there was likely natural first-attempt resistance at the prior highs, and internals remain strong on an absolute basis. Gold bugs are also having their day in the sun. It will be curious to see what that may be signaling vis-a-vis the short-term Treasury auctions lining up just now.
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