Market Wrap

Nasty turnaround day. The market was none too happy with oil getting back above $67. The two indexes I saw that were down more than 1.0% were the brokers (XBD) and the retail index (RLX).

Volume expanded today, making it another distribution day. There has been roughly 4 distribution days over the last 4 weeks. But I still think we get a nice bounce before possibly re-testing any lows.

Sentiment remains bearish. The bull/bear spread in the II survey narrowed; the put/call ratio is hovering near 1.0; and the ISE Sentiment Index finished down at 120. A break in oil sure would help get things going. Or maybe some dovish comments out of the Fed. I'll take anything, you know?