Thursday, December 3, 2009

12.03.09 - Wild Oscillations

The market has oscillated like a 60s go-go dancer this morning, only now settling into a tighter coil formation.  Indeed, the early morning pop on the BAC TARP pay-down faded fast on less than stellar retail sales and ISM Services reports.  In fact, all of the leading sectors that I follow are down, save the Semiconductors.  However, internals remain flat to slightly positive, and with a higher-high and higher-low put in thus far, I have to categorize this as consolidation over resistance for now in spite of the many building momentum divergences.

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