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Indices Look Better Than Individual Stocks

By Rev Shark

 About this article:
 After five positive days in a row that took the S&P 500 near its highs of the year, we had a very mixed day of action. Volume slowed a bit once again, and breadth was poor with about 2,200 advancers to 3,550 decliners, but some big-cap strength helped to hold the indices near the flat line. The bullish argument here is that this is just some healthy consolidation after a big move and that we will set up for an assault at 1100 on the S&P 500. While we didn't continue the recent strong momentum, we didn't see much selling either. The bearish argument at this point is a bit less compelling. We are seeing relatively poor action in small stocks, and the IWM is definitely looking vulnerable, but that doesn't mean that the big-caps won't keep on driving the major indices. What is most surprising...

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