Markets have started the day higher but tough to see where they are going from here as lots of cross currents are rippling around the tape.
The DJIA is acting well with 23 of the 30 components in the green led by MO VZ HD and KO while the NDX and SPX are not doing nearly as well.
Tech, internets, brokers and oils are lagging while drugs, utils, ags, emerging markets and biotechs are leading.
Key stocks- a mixed bag with CELG BG UA MO AAPL KO TIF higher and VMW MA RIMM LVS GS BIDU AMZN NYX all weak. Not sure what to make of the recent GS weakness but for whatever reason, it continues.
Market internals:
NDX- 50 GREEN;
OEX-65 GREEN;
IBD 100- 50 GREEN;
WINNERS- HDB IRIS DLB PFWD VIVO MR MON FMCN FCSX SLT NIHD CELG CTSH BIIB GILD CTAS ESRX INTU F MO ABT BAX VZ AES COF AEP MDT EXC;
LOSERS- DELL EMC ROK HAL BA BHI GS BNI ATI LIFC STP HURN GIGM ABAX MA RIMM FSTR MDR NTAP LEAP UAUA VRTX VRSN FWLT LOGI EBAY DISH;
VIX- flat and trading about 14% above the 10 SMA;
10 year Bond- 3.87%
Oil falling $96.4 and falling fast despite the interchange between Iran and US ships;
Markets continue to act poorly and the oversold technical landscape doesn't seem to be helping. Watching AAPL SMH XLK EBAY BIDU GOOG INTC MSFT RIMM VMW GS MER for clues to direction and it doesn't look like we are going much higher as of now.
Finally, intrade betters now seeing 64% chance of US recession.
