NYAD action was equally tepid and narrow range after the morning pop.
TICK behavior was a bit weird in that every breakout bar was followed by an equal and opposite bar from midday on, thereby suggesting lack of trader commitment or enthusiasm.
Although the Qs showed a net gain for the day, I'm still holding with the weekend technical forecast.
Bits and pieces:
Just a little chart to keep in the back of your mind. . . 6 months ago cash was a safe place to be. . . 3 months ago the yield had dropped to 3%, but still a relatively safe haven. . . move to present and you see how dramatically yield has collapsed and risk-free money has evaporated.
And there's more depressing news from the bio sector as new Vytorin clinical studies raise questions, MRK loses 15%, SGP gets downgraded and loses 25%. OUCH!!!! Another reason to play the indices and avoid the open manhole covers of single stocks.
A great gap fade lesson from Corey today at Afraid to Trade. Also check out his weekend update. Good stuff.