Large Caps Take The Day
Stocks rallied today, lead mainly by the large cap names. Trading volume eased, giving some indication the bounce from recent lows may be tiring. Leading names and small caps lagged the market. It’s becoming tough to find quality entry points, as many stocks are rolling over. Curiously, biotechs lost ground today. If this trend continues, which I doubt it will, we could lose the market’s undisputed leadership group of the past few years. A look at the Russell 2000 and S&P 400 Midcap indexes show a market actually in correction. Time will tell if the Nasdaq, S&P 500, and biotech indexes join.
My allocation accounts remain in cash following last Friday’s exit. While there hasn’t been any meaningful correction, there also hasn’t been any meaningful rally.
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