Running out of Steam?
The indexes continued to trade higher today, after another news-related gap up — however, at this point I’m beginning to question that this rally will last much longer. It didn’t have quite as much steam as it did on Friday, and several key sectors were running into resistance. Our market leaders, MSFT, AMZN, NFLX, FB, and GOOGL were varied, while some tech stocks (MA, V, cloud and payment processors) were on fire and some lackluster. I view XLI and XLF as running into potential resistance, and I’m watching for the heroes and zeros — to see which can continue on the train, and which want to take a breath.
