Slow deterioration in breadth

Market is showing signs of underlying selling. But the pace of selling is slow. This market has had history of rebounding strongly from any minor pullbacks so bullish side still looks attractive.

However number of momentum stocks which have lead the advance are now faltering and many have failed breakouts. The stocks which are missing earnings are getting punished severely , with several gap downs of 20% plus.

New leadership at this stage is not having much success putting together back to back multi day rallies. Many stocks that have broken out in last one month have struggled to follow through. In many cases they had big gaps but no follow through.

All in all a selective bull move is what is happening. Finding right stock becomes more critical.

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