There are a few things which have had my attention for the last week or so. I continue to look for resolution to the following:
1. QQQ being stuck in about a 10 point range: QQQ_rangebound.png150 KB2. IWM (small caps) are still under the 50 DMA. 3. Related to point #2, the % of stocks above their 50 DMAs is only at 41%. T2108_stalling.png85.6 KBI'd really like see breadth continue to improve. It seems like all the market is doing right now is rotating strength among large(r) cap stocks from tech to non-tech. (Note SPY & DIA drifting higher while QQQ goes sideways.)
The rally (opening-reversal) yesterday was strong so was glad I took some profits on shorts early. I kept looking for re-entries to those shorts, but never got the big bull give-up bar. I am still tending to fade the current rally; as you point out the market breadth is not particularly bullish currently.
