If the seams in the market are cracking they are doing so in their own sweet time as Mr. Pietsch so eloquently pointed out in yesterday's comments. Today was a strong day, with only a few reluctant lagers like SMH, which finally joined the party in the last 2 hours.
With oversees debt worries easing EEM rose almost 2%, rising an additional .03 after hours.
XOM was a curious party pooper today. Actually, XOM's been a party pooper pretty much all year. Considering that XOM is a major component of XLE and XLE has risen from $ 47 to 61 in the last year, XOM has risen from $67 to 68.50 during the same period . . otherwise known as flat, so essentially it's been holding the XLE back.
On the currency front BZF staged a nice channel breakout today and now leads the way in our little basket by a substantial margin. Whether it can maintain positive momentum should be demonstrated by Friday's action.
Despite it's drop in the ranks FXC still remains an attractive chart, whereas the yen and the Euro are bearishly downslope. We're finally seeing some weakness in the dollar, a few days after the PDQ Dashboard called for such a move.