Afternoon Sector Rotation, a bit more defensive

 As you can see, the risk sectors are losing their relative strength, like Financials, Technology, Materials and Industrials, the more defensive sectors like Health Care and recently Staples are coming in a bit, are rotating in, I suspect this is in advance of tomorrow's Non-Farm Payrolls, I personally think given the data we have seen this week, they come in a bit weaker then expected, but you never know with the Bureau of BS, I mean the BLS (at least you don't know until the next reports downward revision). Note Energy is staging a bit of a late day comeback, which is what any potential USO shorts want to see.

 Natural gas/UNG is making quite a show of it today, up nearly 8% on volume, remember when we first started seeing the changes in character to a more bullish tone, I warned, "Don't expect a V shaped recovery", UNG will likely base a little, so I have no problems with UNG's performance this week.

 Here's USO's daily candle off its lows, remember there's that gap I mentioned this a.m. and that is where I'd want to start a position or add to if I didn't already have coverage there.

In yellow, that's the gap. USO isn't exactly steaming full speed on volume, but it does look like it is targeting the gap.

Technology is significantly (for the day's volatility) off the morning highs, Financials look like they'll put in their second star candle in a row (this indicates a loss of momentum and indecision, leaving it open to a reversal). Volume is also off in Financials.

I'll show you the internals after the close, there are some interesting developments there.

ES is hugging it's VWAP so I'd suspect orders are being filled, probably in anticipation of tomorrow's NFP.

The QQQ has put in, thus far, a near perfect Doji Star on a .29% gain, no follow through from yesterday as it was seemingly about Greece or at least that's what they wanted us to believe.

The SPY is very close to a near perfect doji star at a .16% gain, again, no follow through as I pointed out in last night's post, yesterday was an uncharacteristic day, that's not just an observation, it's a clue.

The DOW is also putting in a doji star and is off on the day at, slightly red.

All in all, where are the bulls from yesterday?