You'll hear in the finance news today that the American stock market was up overnight.
DOW - 10062.94, up +0.47%
Nasdaq - 2173.29, up 0.05%.
Well - I don't have to point out - there seems to be a big discrepancy between the Big Caps and the Tech Stocks.
I could go on and on about this - but there were some other big discrepancies. Breadth was poor with Decliners outpacing Advances on the NYSE, Nasdaq and AMEX. New Lows also exceeded New Highs on all three exchanges.
The big Sector winners on the AMEX were:
Energy, 2.09%
Utilities, 0.78%
Consumer Staples, 0.77%
The big losers were:
Industrial, -0.15%
Technology, -0.19%
Financial, -0.89%
Clearly, the Energy sector held up the Dow figures last night.
Conclusion - don't put a lot of faith in the Dow - which is usually the one headlined in the daily mass media.
Our market could be weaker today on the lead from the U.S. overnight.
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