Some Market Internals

At last count, 20 of the 30 Dow components are under-performing the Dow, 15 of them are in the red.

Here are a few of the worst overall looking components...

Financials are underperforming and in the red

And the market overall as I have been pointing out the last several days this week, has been underperforming the Euro, it's beyond a 1 day anomaly.

SPX vs Euro which is worth noting as it is a definitive change in character for the market. The Euro has a 2.5% change on the week which is the largest in quite some time, while the SPX as of now has a .36% gain on the week.

Home Builders are under-performers on the January upward revision from 307k to 324 with today's data coming in at 321k on wide ranging consensus of 310k-355k. We'll see what effect that has on SRS.

As of 12:30, volume has been lower then average for the NYSE and NASDAQ (NYSE 235 mln vs. avg of 302 mln; NASDAQ 741 mln vs. avg. of 777 mln).


Advancing issues vs declining issues has been blah, especially on the NASDAQ (NYSE 1852/1056, NASDAQ advancers/decliners 1253/1174)


Relative strength has been in Copper, Steel and Coal with relative weakness in Nat Gas, Junior Gold miners and clean energy. As mentioned above, Financials have been under-performing with Tech and Energy out-performing.


About an hour ago Greece issued their formal invitation for the debt swap, bond holders have 10 days to decide. If you want to see the formal invitation and details (which I'll look at later), click this link all I've seen for sure is in headlines that they raised the minimum acceptance threshold from 66% to 75%.

Energy's performance is stoking inflationary fears, you see it at the gas pumps, but especially in China where they just cut the Reserve Requirement Ratio for banks last Friday, they are now essentially fighting a two front war, they needed to cut because of the housing bubble, but the cut adds to inflationary pressures.