Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Some interesting divergences today; after the morning gap up we had the ‘ISM rally’ move up which took markets to highs of the days. After drifting sideways for a few hours we have seen some swift moves down as Bernanke waves his magic wand at a Q&A question. I don’t see anything flagrant in what he said other than expect a long slog ahead. Anyhow we have a sort of ‘broken stocks’ and ‘big stocks’ rally today. The Dow is far and away the best index while the Russell 2000 and NASDAQ are lagging quite severely. Meanwhile an ETF I like to track to see how leadership stocks is doing is barely positive on the day.
Today is one of those days where the action is far better looking in a few indexes than what I see under the surface.
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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
