On the VEGA sector model XLE was the big loser and XLF was the winner.
Volume was luke warm at best confirming suspicions about short covering yesterday.
Note that QQQ and XLF were the Vega leaders...a reinforcement of my previous comment about XLF being a possible breakout candidate.
That being said, while we may be stalled here for a bit while Putin rethinks his Ukrainian options. the statistical likelihood is that SPY will see 190 (S&P 1900) and the DOW will revisit 16,500.
The markets love these meaningless whole numbers and time and time again we have seen momentum carry prices to whole number levels when there was no apparent justification.....just an observation from someone who has watched the markets every day for over 25 years.
While the markets are showing pockets of weakness there are also pockets of strength and the bottom line is SPY and QQQ are slowly inching upwards.....the ongoing trend until proven otherwise.
