Markets made a decent effort at going green Monday after being lower by nearly three quarters of one percent at lunchtime and one has to give it credit as many continue to wait for the crack which might never materialize for a few months. The Nasdaq fell .3% and the S&P 500 by .2%. It was the Russell 2000 which took the biggest hit down 1.2% which put a screeching halt to a prior 8 session winning streak, just more than half of what it did last November after recording a 15 session winning run. More concerning was the abrupt move back below its 50 day SMA after just one day CLOSING above it. The VIX which registered a firm intraday move higher CLOSED UNCH after meeting resistance firmly at its 200 day SMA for the fourth time since last December. Money did make its way into bonds as the 10 year has now backed nearly 30 basis points from highs made late last year. Although the major averages did stage a decent turnaround today only one of the major S&P sectors managed to finish higher, and that was healthcare with the XLV raging upward by 6 pennies. To be balanced the worst performer, the materials and cyclicals only surrendered .4%. Some retail names continue to work their way higher and below is the chart of PVH which has rallied 14% during a current 4 week winning streak. It did penetrate the very round par figure to the upside which also aligned with its 200 day SMA and may now be in the middle innings of carving out a bull flag formation. Looks solid as long as it remains above 100 on a CLOSING basis (middle innings and CLOSING, both opening day lingo for the NY Mets!).
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