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The Lead-Lag Report: Markets Hesitate


Market internals appear to be hesitating following bullish behavior post QE3. More time is needed, but for the first time in several months signs of deterioration are occurring.



Technology (NYSEARCA:XLK) – Broken?

Comments: Despite continued hype and excitement over Apple (NASDAQ:AAPL), the technology sector still appears to be in the early stages of weakness as it rolls over relative to the S&P 500 (INDEXSP:.INX). More time is needed to confirm, but other sectors are comparatively more attractive.

Utilities (NYSEARCA:XLU) – Bounce Right on Time

Comments: Utilities are catching a bid relative to broader market averages, but it remains to be seen if this is a warning for another wave lower in equities. I suspect the downtrend will re-assert itself past this period of rallying from deeply oversold relative levels.
No positions in stocks mentioned.

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