Monday, March 24, 2014

Ex Opt Weakness and XLU Looms...3.24.14

The QQQ was the big loser today, accompanied by the health care sector (XLV) which has, up until recently, seemed unstoppable. The double top that has been evident for some time may be about to lick in..further suggested by the strength in utilities (XLU) and treasuries (TLT), which are now technically in over bought territory (typically bullish).  On the positive side we're fast approaching the end of the month and may gain some bullish momentum strictly from that event.  Otherwise, the short term outlook is neutral.