Market action was a bit wierd today.
The market was down -0.6%. But it was the defensive stocks that were slaughtered.
Telecoms -2.0% and Utilities -1.9%.
UpVol/DownVol was poor at 0.42%.
I have to interpret that as being bullish. Why? UpVol/DownVol deteriorated in the afternoon after being up marginally at lunch time. The sectors disadvantaged were the defensives. So it seems that institutional selling (selling in the afternoon) was concentrated somewhat in the defensive sectors. The institutions appear to be positioning themselves for a bullish move.
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