Daily Market Commentary: Breadth Weakens as Markets Gain
From Fallond Stock Picks
January 23, 2013 - 5:26pm
The day finished with a drop in sector breadth strength, but markets (with the exception of the Russell 2000) posted gains. The Percentage of Nasdaq Stocks above the 50-day MA rolled higher, but technicals expanded on technical weakness, with a 'sell' in the MACD.There is also a slowdown in the Nasdaq Bullish Percents.While the Nasdaq gapped higher, but was unable to build on morning gains.The semiconductor index maintained its run of good form having breached the September swing high. While the semiconductor index pushes higher it should bring along the Nasdaq and Nasdaq 100 for the ride.The Dow closed at a new high, supported by a breakout in On-Balance-Volume.The Russell 2000 posted a small loss, although the extended nature of its rally suggests a pullback to the 20-day MA would be preferable at this point.Apple's weak earnings is likely to dampen Thursday's action, but s...
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