Markets finished off session highs to start the week but the Nasdaq and S&P 500 managed gains of .2%. It seems many are waiting for a pullback to enter the markets and a hallmark trait of a bull is the inability of it to let you in. Markets are still just 1% from all time highs and that is despite negative GDP reading, retail sales which were soft, Chicago PMI data in contraction and soft consumer confidence. When benchmarks do not go down when they rationally should it is often a sign that the uncertainty is already priced in. That being said the technicals are still sending dual signals. The S&P 500 is finding support along its 50 day SMA but below the 2120 ascending triangle breakout. Important sectors like the transports and energy still find themselves near the bottom of sector rankings. Is this indicative of a healthy economy? Of course we know stock market behavior and the economy can and often are two totally different animals. But retail names are starting to soften as well although this weakness is being offset by groups like semiconductors, software and healthcare names. Stalwarts like NKE have been lower 8 of the last 10 sessions and the two up days were both up less than a dime. On the other hand some former stars well past their glory days are starting to lead. Most likely a poor sign. Below is how we profiled CROX in last Thursdays Game Plan.
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