Markets once again traded in a tight range for the second consecutive session as the indexes spent all day in the red with the Nasdaq having a brief jolly in the green in the morning. The Nasdaq dropped .1% and the S&P 500 by .3%. Energy, industrials and materials were the lagging groups Tuesday as each fell more than 1%. The S&P 500 found support at its 200 day SMA today and the Nasdaq continues to find love at the very round 5000 handle. It now has CLOSES the last 3 days all within just 4 points of each other. That will surely change after AAPL reports this afternoon (below is a chart of AAPL how it was represented back in our Friday 6/19 Game Plan when we were laughed at for our bearish stance). There seems to be a sense that the market is skating on thin ice as imperative sectors seem to be falling by the wayside, or better yet have been weak all along. Retail and healthcare we have spoken about at length here, but today the transports fell off track, pun intended. The rails specifically felt that pain today cratered 5% today with UNP and CP falling in the 5% neighborhood. UPS was the big catalyst after earnings down 3% today. The stock has risen 7 consecutive weeks and with the strong number AMZN put up one may have thought the numbers would have been better. CMI among the industrials laid an egg too and slumped 9%.
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