WEAKNESS

If you like to buy weakness and sell strength today should be your day to load the boat as thirty minutes into trading the DJIA is down 105 NAZ 29 and SP 9.

The good news is that the VXO has ripped higher and is now over 20% above its 10 day SMA and is screaming buy the major market ETF's. My problem with the signal is that this market is in an awful downtrend and buying anything lately has been a money losing event.

The semiconductor sector was hanging tough at the open but is now down so no divergence there. Market internals also as weak as they get with 3,500 more losers than winners and TRIN/PC also showing lots of weakness for so early in the day. Maybe the washout occurs early and we can bounce later in the day. Lots of hope and bottom calling in this market but not much in the way of upward movement.

On a lighter note, it seems to be moving day on the Tour de France as the big mountains are in play, so maybe a day to turn LIZ off and OLN on.