COMMENTARY

The markets continue to move lower on what seems like no news except maybe a warning from Brunswick that boat sales are less than expected. Don't believe most will find that shocking and I bet WGO tells us the same thing about RV sales when they decide to fess up.

Anyhow, the NAZ continues to act the worst of the major market indexes and the QQQQ has now breached the support of the $37 number. SPX falls back to the 1260 area, below the 200 day SMA and any day now the 50 will cross under the 200. I know that moving averages and crosses are lagging indicators, but lots of market timers may decide enough is enough and abandon the stock ship for what seems like decent yields on Treasury Securities.

Market internals still ugly with 2,300 more losers than winners, with top sector performers being gold, reits and biotechs. Semis, retailers, tech, small caps, KLAC DNA and brokers all acting ugly and was it just yesterday that KLAC had what was perceived as good news? Oils stocks hanging in near the flat lines and what about the trade of long oil on weakness and short tech on strength?