NEAR CLOSE

Leaving a bit early today but clearly the afternoon trade provided very little as the markets chopped around under the morning highs. Big winner the DJIA and the large caps while semis and small caps lagged.

NAZ internals recovered to the flat line but hardly inspirational to the bulls or the bears.

Sector leaders were internets, brokers, metals, biotechs, and retailers while the losers included INTC, KLAC, EBAY, airlines, and AAPL.


It may be just a sign of rotating market leaders, but again today the New High list is kind of skimpy with 150 new highs (early afternoon) as opposed to about 220 in the middle of last week when the markets were lower. One would have expected with the markets so close to new all time highs on the DJIA that more individual stocks would also be approaching all time highs but obviously not the case.

Lots of chatter also about how the back end of September and the week after options expiration is negative for the markets and it would not surprise me as we are do for a pullback in light of the recent bull run and joyful outlook.