Tuesday, March 2, 2010

03.02.10 - Gap Holds on Strong Internals

But note that this puts us firmly in overbought territory and certain "leading" sectors are actually lagging badly, including the Semi's (SMH), Transports (IYT) and Discretionaries (XLY).  It would appear to be the Financials (XLF) and Energy (XLE) that are holding markets up.  The VIX, remarkably, is below 19.  In fact, it continues to fall even as price is being challenged by its own VWAP.  I'll be keeping a close eye on that multi-day up trend line. [Add:]  I forgot to mention that I see stronger intermediate-term resistance near SPY $113.50.

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