Another Lackluster Day
The market was weak again in the afternoon session, though it did bounce a little from its lows.
Breadth was slightly negative. Sentiment was mixed, with the ISEE low, but the CBOE put/call only at average levels.
The weak Philly Fed report weighed on the market. It also pushed bond yields lower again, with the 10-year finishing at 4.55%.
Volume was light again, running roughly at the same levels as yesterday's session. RIMM reported solid earnings after the close, and its stock is up.
Semis were hit hardest (-1.4%), followed by materials (-1.3%). The only sector that was even flat was the staples.
The Nasdaq has been down for 4 straight days, and is now oversold. I would expect to see a bounce soon, possible tomorrow. Although I never expect too much ahead of a long holiday weekend.