Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
It was supposed to be a quiet week but today’s action is not encouraging. After the overnight gap up last Thursday we had a small follow on rally, and then an ok consolidation for 2 sessions but today all of that is being given back. The 1689 level from which the S&P 500 broke out from is breached currently – as always the close is more important than the intraday action but it’s been a very choppy past 4 weeks.
This is also the worst breadth day of the rally
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/index.php/the-fund/holdings
