Markets have been acting very content, with the S&P 500 which for the last three sessions has finished with 1.5 handles of each other. That type of tight trading especially at all time highs must be construed as bullish. So much for the bearish rising wedge that was forming for the index. The Nasdaq is no slouch either with the benchmark trading very taut as well. The last four trading days have all finished within 13 handles of each other, and looks to be putting on a handle on its current cup base. Energy and utilities were the winning groups Tuesday. Semis perked up today, and the trend in that group has been higher. The cup base pivot point on 46.69 for the SMH was taken out today that we spoke about last week. Volume was somewhat energetic. INTC continues it march north as it has gained more than 7% the last 2 1/2 weeks as took out a 27.34 cup base trigger of its own today. It can be bought right here and that 3.25% dividend yield is nothing to sneeze over. Some troubling signs were made with the strong transport group. Leader TRN dropped almost 6% in well more than double average double trade. It was the strongest day of trade since the 10.1% advance after a well received earnings report. The stocks move offered up some interesting bifurcation within some rail names Tuesday. UNP and NSC dropped .9 and 1.7% respectively, whereas Canadian names CP and CNI both advanced.
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