Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Outside of homebuilders, most of today’s strength is focused in broken stocks/sectors – it’s a day for energy, metals/mining, financials and the like. Anyone holding these groups over time has been hurt badly. Example:
But these are the areas making the market move today. Meanwhile, a lot of technically strong stocks (in a relative sense as the market has been rough), are doing nothing. This can be showed in an ETF I like to keep an eye on – Powershares DWA Technical Leaders (PDP). It is down (!) on the day.
Definitely a George Costanza day.
Disclosure Notice
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
