Sellers Take A Breather
The market was fairly stable today after yesterday's sharp selloff. Breadth was weak though, with the Hi/Lo index declining on both exchanges. It fell to -56 on the NYSE and +2 on the Nasdaq, very close to negative territory. The yield on the 10-year also rose again today, finishing at roughly 4.98%, a new 52-week high. So that's a bit of a headwind.
The action today looked more like a lack of sellers that renewed conviction on the part of the bulls. I still believe that the correction has more to go, and I am not committing new money until I see something that convinvces me otherwise.
After hours, AMD beat estimates and SNDK got added to the S&P 500 Index.
Happy Passover to all those celebrating this evening.