This market is complete schlock. Just horrible. Its not that Greece is so annoying (yes talks are still going on?), but the tape itself is just so week.
Semiconductors are horrible, I mentioned this last night, but the energy sector is really staring to rollover now as crude had a big 4% down day and is now down about $10 from the May highs.
XLE is heading back to the bottom of the channel, remember when everyone thought the bottom was in?
OIH Oil service s no better.
I’m glad I didn’t take the bait and get a little long today. I almost did on a couple of occasions today and came close to sending out some alerts.
Patience is the hardest part of this game and sometimes its better to just pay up a little once the reversal actually happens. Right now I’m in limbo and I’m just looking at chart after chart for when I get the buy signal.
The market did manage a decent ounce off the lows (especially the overnight lows) but it still wasn’t impressive.
The one bright spot was biotech and it acted well today on a relative basis. It continues to trade above its 50 day moving average.
We are very overdue for a strong rip that sticks. Maybe tomorrow.
See you in the morning.