Markets had a pretty nasty selloff this afternoon on the heels of some bearish semi news out of GS from an overseas analyst.
Best sectors included metals, biotechs, integrated oils and big caps. The worst - semis, GOOG, brokers, tech, software and the NAZ.
The OIH has not been a pretty site since it hit the magic 139+ mark a few days ago, but I suspect the rally is not over and this pullback will be bought.
Stocks on the move lower include INTC, ORCL, KLAC, BSC, AAPL, WMT and GE. MER defies gravity and continues to trade near its highs while GS finally found some profit takers.
Market internals not so terrible with about 1,000 red on each of NAZ and NYSE.
The obvious question for the weekend - Is the rally over?
My guess, the dippers will be back bright and early Monday to take another shot as the day before month end is usually pretty good for the bulls. The SPX has come back to the 8 day SMA which has been a pretty good buying area on other touches since this rally began but then again any dip has been a good buying area.
Be advised that the YM closed on Monday at 12,143 and closed today at 12,130, so not really a great week for the DJIA regardless of how it feels without looking at the numbers.
Pivots on Monday for the YM are support at 12,095, resistance at 12,170, and the pivot, the 12,140 area.