No follow through
Market could not put a second day of rally together. After a morning gap down, there was a brief attempt at a rally. But it failed in last hour.
Market continues to be news driven. The uncertainty surrounding bank rescue package is creating wild swings.
There is lot of chatter about timid Tim. Most mark participants seems to be losing confidence in Timothy Geithner. Bloomberg had a long aticle about him yesterday.
If you look at the sector trends, the top sectors are:
MG738,Auto Parts Stores
MG739,Catalog & Mail Order Houses
MG741,Sporting Goods Stores
MG852,Internet Information Providers
Stocks out of these showing some life are :
The technology sector has been relatively outperforming the broad market for sometime.
The bottom sector are:
MG313,Housewares & Accessories
MG325,Paper & Paper Products
MG712,Resorts & Casinos
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