They'll Stone Ya When You're Tryin' To Make A Buck

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Bob Dylan

At the 2-week mark for 2014, NASDAQ closed on new highs along with the Russell 2000s or small caps. The S&P 500 tested, but closed just shy of new highs while the Dow, has a lot more to prove.

However, that only tells a partial story. Several sectors do not reflect the optimism of the indices, namely Retail, Oil and Services, Energy, and Homebuilders.

Biotechnology took a pause; Financials, Semiconductors and Transportation firmed to new highs; Real Estate recovering well off the lows and the US Oil Fund still in a bearish phase, managed a decent rally after becoming significantly oversold.

Each day begins the hunt for the overachiever versus the underdog. Perhaps this diversion will continue until we get through the many big names still yet to report. Perhaps this is the way of this year.

Perhaps the market would be a lot clearer if we all move to Colorado.

S&P 500 (SPY) If the move today is real, should hold the gap low. I did write some time ago that 220 was the measured move here. But, I may be totally gray by the time it gets there

Russell 2000 (IWM) New highs-like to see it stick

Dow (DIA) 165 has to clear at the least

Nasdaq (QQQ) Gap low from this session needs to hold

XLF (Financials) So it proved itself-one place I imagine, will like a firm US dollar

SMH (Semiconductors) Yup, new highs

IYT (Transportation) New highs; looking to see if it continues

IBB (Biotechnology) Pause

XRT (Retail) Still looking heavy which could be a precursor for more trouble

GLD Confirmed phase change to bearish-but not so convinced it will go much lower at this time

USO (US Oil Fund) Finally, a short covering rally but still has overhead resistance

OIH (Oil Services) Digesting here, but not that impressive

TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs have a 2-day correction which means either it holds here or back to trouble for rates

UUP (Dollar Bull) Unconfirmed phase change to recovery.

EWG (Germany) No more island top-a good thing

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