At yesterday’s open the big volume buzz was with SMH, which held up nicely for the first 90 minutes before throwing in the towel and joining the broad retreat led by gold and oil. As a result, the only issues that closed in the green yesterday were negative beta issues. This is a revised version of the Lazy Man Dashboard that now includes not only momentum lights up but also momentum lights down. EEM was particular hard hit as the murky Middle East situation continues to spawn uncertainty driven selling. With the past few days the market has dramatically run the gamut from oversold to overbought and now back to oversold. Pre OpEx weeks tend to be bullish but Mr. Market has got his work cut out for him to pull that off this week.
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