What a difference a day can make. Yesterdays very bullish reversals with the indexes seems a distant memory at the moment. Today the benchmarks began in the red and never made it close to getting to positive territory. Keep in mind there are plenty of headlines to blame the skittish behavior on, China, Greece, etc. but strong markets will tend to shrug off events. The markets in my opinion are looking very fragile, acting like an aging veteran athlete. If you fancy tennis, perhaps a Lleyton Hewitt or Tommy Haas. They both have put forth remarkable careers but at some point the upward trajectory becomes to strong to maintain. Like their weapons losing their sting as time goes on, so to are fewer stocks participating in the once robust rally. Of course these sports comparisons are a bit silly, but the indexes do look fatigued and this erratic behavior does resemble toppy action. Bottoms are traditionally put in in a rounded smooth fashion and tops just the opposite. Formerly energetic sectors like the semiconductors have been falling out of favor with more conservative groups like staples and utilities perking up. For example PG rose 2.1% on Tuesday in very active trade. Below is how we presented the idea in our Thursday 6/18 Game Plan. Others that fared well Tuesday were CL CLX CHD KMB but only CHD was able to muster a gain Wednesday. The Nasdaq dipped 1.75% today and the S&P 500 by 1.65%.

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