I am a bit surprised today is not weaker given Intel's reversal and the poor breadth in the Nasdaq on Friday. No one seems to trust Friday's new high which also does not bode well for my shorts. There seems to be some rotation into the financials underway as well.
Of course the market is still lower after a new high on Friday and Circuit City is wrecking somebody's Christmas so a slow start to a deeper pullback could be just what the doctor ordered.
Watching the weakness in commodity stocks and comparing that to relatively better performance in their underlying commodities. Along the same lines the dollar bounce seems feeble compared to treasury strength. Lots of people are watching these variables to see whether or not the dollar will collapse now or later but it is tough to take anything away from today's action.
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