The SP-500 had a mediocre breadth reading of 275 to 218 while the Russell 3000 had a considerably more positive 1857 to 1042. The S & P Smallcap 600 had better than twice as many advances over declines, while the Russell 2000 (secondary stocks) had just a hair under 2 to 1.
The “Leadership Index” – stocks with heavier than average volume – had respectable breadth, while stocks of fast growing companies actually had more declines than advances. This tends to show a lack of confidence in fundamentals.
A very bright spot was found in a watchlist of select high-tech stocks: 27 gainers with 4 declining; The Nasdaq 100 in contrast had 70 gainers to 28 decliners.
Both CSCO and INTC were downgraded today. CSCP didn't decline and INTC advanced smartly. The ability to ignore bad news is always a good plus.
Call it a day for internal balancing and bookkeeping. It certainly wasn't a bad day, volume lightened and it could be expected that volume will continue to lighten right into Thanksgiving, despite the fact there will be some key economic stats coming out, with a lot of attention especially on Consumer Sentiment.
It might require good news to finally pop the bubble. Perhaps consumers will finally have enough confidence in the economy to liquidate their funds and spend the money.