Some interesting divergences today; after the morning gap up we had the 'ISM rally' move up which took markets to highs of the days. After drifting sideways for a few hours we have seen some swift moves down as Bernanke waves his magic wand at a Q&A question. I don't see anything flagrant in what he said other than expect a long slog ahead. Anyhow we have a sort of 'broken stocks' and 'big stocks' rally today. The Dow is far and away the best index while the Russell 2000 and NASDAQ are lagging quite severely. Meanwhile an ETF I like to track to see how leadership stocks is doing is barely positive on the day.
Today is one of those days where the action is far better looking in a few indexes than what I see under the surface.
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