Markets bounced back a bit Wednesday, with the Nasdaq and S&P 500 recapturing barely a quarter of Tuesdays big losses. Volume was very light, putting a damper on any enthusiasm. Some big economically sensitive names the past couple days perhaps are foreshadowing weakness going forward. Tuesday saw FDX lose $3.59, giving up the 110 handle, a level not seen since October of 2007. Today it was UNCH. JOY spoke volumes today with its disappointing outlook, losing its 50 day, and the round number of 50, falling nearly 5%. Of course it has been a laggard for sometime now with DE CAT. Is it a function of mismanagement that you can say with DE, or a function of weak worldwide growth? Probably a mixture of the two. Maybe energy is trying to make a case for rotation into the group. Sure everyone is discussing Syria, and the premium, but its all noise. We get the majority of our exports from our neighbor to the North Canada, and not to mention our own growing domestic supplies. Ignore all the noise as the XLE approaches resistance near 84, that has been problematic since late May and July. If taken out could be a green light to but leading names in the group.

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