Uncle Kim (http://www.youtube.com/watch?v=xh_9QhRzJEs) said he wouldn't retaliate against S. Korea for military drills and that kept the futures up in the early morning session. When the S&P opened there was there was a two point gap higher, then over the next hour and a half we found the SPX at +4 and then the bears came in pushed the market down 7 points from the high of the day. But as we have seen it before there was a painfully slow 4 hour climb to close of the session, so one could say if there was anything exciting going on it happened very early. On the day there were 263 Advancers/182 Decliners. On the NYSE 1,516 advancing issues and 1,553 retreating issues, a ratio of 1.02 to one declining. There were 206 new highs and 21 new lows. The five day moving average of New Highs is 202 while the five day moving average of New Lows is 54 and the ten day moving average of Net Advancing is 47. The the outperforming sectors were Materials, precious metals, consumer discretionary and energy but everything else pretty much was flat to down.
Advancing volume was higher at a ratio of 1.72 to one. The closing TRIN was 0.57 and the final tick was -583. The five day average of TRIN is .96 and the ten day average of TRIN is .75. The NYSE Composite Index gained 0.15% today while the SPX gained 0.25%.
For the NYSE, relative to the previous 30 session average, volume was -21.75% below the average. Of the last 15 sessions 7 sessions ended with volume greater than the previous rolling 30 day average volume. Of the last 30 sessions, 18 sessions ended on a positive tick, 6 of last 10. For the SPX, the day's volume was 77.5% of the average daily volume for the last year. Volume was 75.3% of the last 10 day average and 73.5% of the previous day’s volume.
NYSE breadth was negative today although advancing volume was positive. The ten day average of New Advancing is near zero. The NYSE Composite underperformed the SPX. Market breadth continues to suggest an imminent pullback but Price continues to creep higher.
Total tick for the day was -43,000 and the average tick for the day was -28. There were 41 ticks greater than 600 and 56 ticks more extreme than -600. There were 1 ticks greater than 1000 and 7 ticks more extreme than -1000. The tick action suggests institutional distribution.
The breadth indicators continue to scream, "a top" but also suggest that this could go on a while longer. The McClellan Oscillator has been hanging around zero for quite some time.
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