Markets looked ready for a big fall premarket on the Cyprus news, but the losses were mute. Benchmarks even flirted with the UNCH level before falling again in the last hour of trade. The Nasdaq fell less than the S&P 500, as it recovered more than 26 handles from its intraday low. Obviously on this muted day, breakouts were practically non existent. One that did prove successful was CTAS which took out a 45.39 cup with handle trigger. MTH has to be granted some positive mention as it performed admirably one day after taking out its 44.95 flat base trigger Friday. Today’s volume was robust, but compared to Friday’s level which was 226% greater than average daily volume. VZ just missed on its pursuit of a flat base trigger of 48.87. Technically the market looks stretched, but we all know that markets that look overvalued, can become more so. Investors certainly seem complacent as measured by the VXX, and the SDS chart displays that its in the bottom of its range waiting for a bounce northward toward its 50 day SMA perhaps. On a tape like today it pays to scan your monitors and detect which stocks were the first to go green in the early softness. They could be tells to future strength. A few that showed just that this morning were SCS SWN WOR.
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