Tech Is Immune

Dow: -361.19…
Nasdaq: +55.25… S&P: -17.89…

The S&P lost 0.6% today, but continued strength in the mega-cap technology stocks helped it overcome an early 1.7% decline. The Nasdaq, powered by these household names, rose 0.5% to close at a record high. The Dow (-1.4%) and Russell 2000 (-2.0%) underperformed. 

Silver and gold had a weak opening but started catching some bids around lunchtime. Both closed red, but off their morning lows.

Oil was down about 3.4% and looks toppy on the daily chart. A possible short term top on crude may have been put in. Maybe back to $35. It closed $39.50 today.

The financials were horrible today and continue to trade poorly.

Its all about tech. Today, the four horseman that I monitor, FDN, IGV, SMH and VGT all made new all-time highs today.

The greed-o-meter did move a little to the right as of this morning.

Its been getting a ton of crap lately, but its still the number one app in the world.

See you in the morning.

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