It was a very uneventful day, but that is probably a good thing as the market needed to consolidate last week's hefty gains. While the major indices showed gains, once again, it was due to outperformance by a few bigger caps such as MSFT and WMT. Under the surface, breadth was solidly negative, with the Nasdaq having two losers for every advancer.
Semiconductors led, but it was troubling that basic materials and mining rolled over. Steel, coal, gold and agriculture were all weak, and many stocks in those groups were popping up on my short-sale setup scans.
We'll have some chatter about AA's earnings tonight, but that is just filler for the business programs that don't have much else to talk about today. It is INTC tomorrow and GOOG and some financials later in the week that will determine the short-term direction of this market.
Frankly, I'm just hopeful that earnings stir things up and cause some stronger emotions. If we have too many more days like today and Friday, it is going to bore traders to death....
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