Tuesday Market Wrap

{+++} I’m still not feeling this market and I dont know if today meant anything technically or not.  The action to me is still horrible unless your in MSFT or IBM. The old guard stocks held up the Dow today, but there was still terrible action in momentum names including biotech, (even though the latter decided to not go down again today).

XLI (industrials) and oil service (OIH) were the best performing groups today. Most of the other stuff just chopped round. My gut tells me that biotech will be fine and maybe sooner than a lot of people think. Its important that  IBB holds Monday’s low which is  around 233.

There are only two names on the P&L. This could be a record. Anyway, I’m looking for setups.

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