It has been rough for technology in general and SOX in particular.....
While Dow is behaving much better and S&P 500 above support, but Nasdaq and SOX are below 50 DMA....
Russell has started to outperform Nasdaq and SOX, sometimes Russell becomes a leading indicator of how technology may behave soon......
Biggest strength is in Dow Jones Transport index which closed @ highest weekly ever......
No index outperforms in isolation, it is normally followed by other major indices.....
SO...we just closed a week, a month, a quarter and a six months on Friday....
NOW...July should bring new flow of funds to the market.....
New money generally goes bargain hunting, many front line technology stocks are below 50 DMA...they may bounce back with new inflow.
Software is behaving much better than overall technology index...RHT ORCL looks good after pulling back......
LULU is finding insider buying from Chairman to the tune of $600K...a real vote of confidence going forward.
LULU is also finding itself in rumor mill of going private.......
Bulls and Bears ratio is healthy 54.9% bulls, 18.6% bears......anything below 60 in bulls is healthy.
SO...this is a short week of 3.5 days, Monday we close @ 1 PM, Tuesday closed.....we may find support in weak sectors going into Wednesday......
Toronto is closed on Monday for Canada independence day which falls on July 1, but open on Tuesday.....inter-listed stocks trade in both US and Canada.
Good luck with your own research and comfort level.
BLOG does NOT give buy or sell.
Saleem
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