Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
The market is running higher today led by the second day of financials and commodity plays (silver, gold, steel, mining). However as mentioned this morning, Apple (AAPL) had reached over its upper bollinger band, and after gapping up has reversed sharply. Quite a few other “glamour” stocks such as Ebay (EBAY), Google (GOOG), and Baidu (BIDU) are showing a lot of relative weakness. This could just be a day of rotation out of glamour tech and into other areas or a shot across the bow. While the market is doing everything technically well, the lack of even 1 day of serious selling in a few weeks is a bit strange. The FOMC minutes tomorrow afternoon may be an excuse for a move up or down of significance.
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