The markets are fading off the highs as a master level at $137.10 – $137.15 was hit on the SPDR S&P 500 ETF (NYSE:SPY). This looks like it may be a short term top in the markets. Stocks helping support the markets and keep them positive are International Business Machines Corp. (NYSE:IBM) and, Inc. (NASDAQ:AMZN). These two stocks have lead the markets higher in recent months and continue to do so, each hitting new 52 week highs today.

The laggards in the market are clearly Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX), as well as Apple Inc. (NASDAQ:AAPL). While XOM and CVX have  been the leaders of late and are seeing a drop today, AAPL has been very weak over the last month or two and continues to show that weakness.

The markets are looking like continued downside is likely in the coming weeks. Look for a small Dollar bounce to start soon as well.

Gareth Soloway