Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Some days the indexes hide the weakness underneath, and some days it is vice versa. Despite only being up about 0.6-0.7% on the major indexes my watch list of sector ETFs (about 35 names) is positive across the board with the exception of the two volatility ETFs. Normally you’d see that sort of thing when the market is up 1.5%+. So a day like today actually has a positive spin on it, above what the indexes are showing. Strangely the stock of the first quarter, Apple (AAPL) is not participating in the action.
The S&P continues to sit here just under 1340 teasing everyone… if this type of strength continues it would seem likely bulls make a run for that level by end of day. The key level for NASDAQ is 2900…
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Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
