Surprised to not see a large selling event in the indexes today considering that the ratio stayed under 68 all session long and now has closed under 68 for three days in a row. Tomorrow is another day. As long as the ratio is under 68 a large selling event is anticipated for the broad markets.
The bull camp pulled the retail sector back into the fold today but lost the semi's. Thus, retail and financials are in the bull camp but semi's, copper and high volatility are in the bear camp. The POMO pumps this morning provided buoyancy to the utilities, retail and financials. The bears have the slight edge going into the Thursday session. Market bulls will be running if the SPX can get up and over 1223 but bears will be happily growling if the SPX drops and falls thru 1312.
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