It looks like the last failure to break through 1296 was the catalyst for a move down, and this one is so far pretty big, but too early to tell if it is more than just a pull back in an up trend. A test of 1276 will tell us a lot more, and it look like we will probably get that today. This morning the leading sectors are XLP and XLU, the laggards are XLF and XLB. The Nasdaq and Russell 2000 are both about even. Oil and gold are down, treasury yields down big and dropping.
I have 36 new highs so far, with breakouts in SCX, RGR, PNRA, and SWX. I have nothing scheduled to report today.
