Wednesday, April 23, 2014

Momentum Fades...4.23.14

The SPY Vixen says it all....choppy and weak following 6 up days.
Turns out the M3 short term ALERT was correct,,,cash was the place to be.
XIV took a big hit and then recovered by the close as XLE and XLU held up well and in conjunction with suspicions posted in yesterday's link.
We may get a follow through on weakness as a setup for a first of the month run up...or???
And APPLE announced a 7:1 stock split today and an enhanced stock buyback program, possibly in an effort to stimulate retail activity.

EEM was particularly weak today and the emerging markets recent strong run may be doomed for a while pending a reversal down to previous support levels.