Keystone's Market Action 9-13-11

The SPX made a push higher after the open today and the move accelerated as expected, but, the sectors did not follow.  The semiconductors, SOX, made a noble attempt to support the bulls, jumping above Keystone's algo, Keybot the Quant, number to trigger bullishness at 10:21 AM, but, only 12 minutes later, the semi's gave it up again.  For the bulls to run today, watch the semi's, they will lead the indexes higher if the upside is warranted. For SOX, now at 361.57, the bulls need to see 362.74, a buck higher, otherwise, bears remain in control.

Keystone's SPX:VIX ratio remains under 35 at 30.22 so the market bears remain in full control of the indexes. Retail could provide no help to the indexes since Best Buy thru a wet blanket on this sector with an unenthusiastic report before the opening bell. The utilities, UTIL, remain well above the 50 week MA so a large market selling event is not on tap either, at this juncture, the broad markets trailing along in a sideways funk. If you are bullish, root for the semi's to run, they will lead the upside should it choose to occcur. If you are bearish, root for the utes to tumble. Markets remain at the mercy of Euro news. Note, the SPX:VIX ratio just touched a 29 handle, albeit briefly, which continues to be bear friendly.

Note Added 12:20 PM: SOX running upwards, market bulls are trying to make a go of it again today, semi's are the leader and considered bullish as of 12:13 PM by Keystone's algo. Market pivot coming up at 1 PM with 10-year auction.