Markets overcame some early weakness this morning, and came back to go out on their highs. Just before lunchtime the Nasdaq was down 1%, and the S&P 500 lower by .5%, and both finished in the black. Perhaps the excitement, warranted or not was the fact that tomorrow is “turnaround Tuesday”. Breakouts have been rare as of late, and even with today’s solid move they were hard to find. INTC, not of the highest quality, did take out a cup with handle trigger of 24.67. Rather there were groups that demonstrated some weakness today, amid the better than it looked move today. Refiners took a bruising, most notably from best of breed TSO which fell 2%, retesting its 60.00 flat base trigger on 5/17. WNR fell more than 3% barely clinging on to its 50 day SMA. Biotechs, which until recently were holding their own just fine, fell today. The group fell today, following AMGN’s big pierce Friday of its 50 day SMA losing 4.5%. Today BIIB fell 4%, GILD and CELG a little more than 2%. Both GILD CELG did catch bids at their 50 day SMAs however today.
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