Indexes Deceiving Today

Very green on the indexes today but this must be due mostly to financials catching a bid. Looking at advancers vs decliners on both NASDAQ and NYSE its 6 to 4 at best.

All things considering the teflon tech stocks are not doing much, and energy is a disaster outside of coal. Agriculture doing well, but that is really about it. Very strange day and it simply looks like much of the most washed out areas are getting a bid. Oil service stocks look particularly troubling and I wonder if they are foretelling this eventual drop down in crude prices. A slowing global economy would theoretically mean lower prices in the year ahead. Even a move back to mid $70s would psychologically hurt some groups, if not in fundamentals, than in sentiment.

Still watching that S&P 1440 and it appears new range is 1410 - 1440. This morning when we broke below 1410 it looked really bad, but it was good to see some reversal. However, I just don't see this broad based buying kicking in. We are soooooooooooooooooooo near term oversold, some bounce would be logical but then again, you could say that for much of the past 2 weeks.

All in all, a confusing day from this table...