Tuesday, February 22, 2011

Distribution Day Post President's Day

QQQQ down 2.74%, IWM down 2.62%, SPY down 2.05%, DIA down 1.44%.

After the 1% gap down, the buy the dippers tried to rally the markets for the next forty-five minutes before selling resumed and broke the first hour lows.

Breadth was 26 down for every 3 up. Only 45 issues made 50-day new highs.

Silver was the top performing sector via the SLV up .48 to 32.26. The mess in Libya is giving everyone an excuse to sell.

Cigarettes managed a positive gain with PM up .11 to 61.54.

Other commodities up on the day include Coffee (JO) up .44 to 72.87, Cocoa (NIB) up 1.21 to 50.27, Gold (GLD) up .88 to 136.29.

Food led by HRL up .42 to 27.34.

HMOs continued their good run in Feb, HS up .94 to 38.

Light Sweet Crude Oil moved higher although off their highs closing up 5.30 to 95.26. CVX up 1.60 to 100.32, XOM up .94 to 85.44. But refiners were killed today, CVI down .97 to 19.44, FTO down 1.15 to 26.97, VLO down 1.25 to 28.17.

Nasdaq Big-Cappers were taken out and shot today with most closing below their ATR sell stops. GOOG down 19.87 to 610.21, PCLN down 15.15 to 433.78, NFLX down 13.91 to 221.60, AAPL down 11.95 to 338.61, ISRG down 9.81 to 331.11, BIDU down 6.52 to 120.28, AMZN down 6.08 to 180.42, WYNN down 4.63 to 123.07, JOYG down 3.51 to 96.52.

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