Much of the market along with MAXFACTOR decided to take some profits on this morning's gap. As Dr. Steenbarger has mentioned in the past, the market on gaps will correct back to the Pivot Line 70% of the time. Today was part of that 70%. Confirmation of a possible correction was the fact that the $TICK could not even come close to making a higher high than yesterday's high.
After the Crude Report at 1030 ET, the Energy Sector turned more bullish, but the Discretionary and Technology Sectors are bearish, and thus helping to keep the broader market below its VWAP.
Charles
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