Notice the banks and commodity's didn't do so good. Are the green shoots turning into weeds? About damn time - this rally has been a scam from the beginning.
Today's heatmap:
It was a pleasure to watch the CNBC cheerleaders today (while not watching the US Open - congrats to Glover)try to spin this puppy. They talked profit taking, the World Bank report over the weekend, and the housing report (below) as reasons. But as any of us know that do our DD, this market was way overbought based on the fundamentals beneath it. It's really this simple - you invest in profitss - and there are very few companies making significant profits right now. The truth is, many are losing money, and will continue to do so because everyone is cutting back, paying off debt, and trying to save money. The picture is not good, nor does it look to be any better in the near future. Anyone who tells you differently have been smoking those green shoots.
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