OPENING NONSENSE

So with all the hoopla David Faber and Art Cashen both told Erin and Haines that the DJIA making a new high was basically meaningless. Quoting Faber, call me when the SPX makes a new high. We did hit the DJIA high as the Futures traded up near the 11,800 level before selling off with the market.

Sectors acting best today include semis, metals, biotechs and metals with the biggest losers being brokers, airlines, retail and drugs. Interesting that all the major brokers on my screens are red, so not a pretty sight from them.

Market internals are slightly bearish with 400 more winners than losers after starting the day with about 2,000 more winners. I think they call that the fleecing of the retail investor who was all excited about the new DJIA high and bought the open. The goal of wall street, to seperate you from your money.