August 28, 2009

Yet another slow day. China was down almost 3% last night and I would have expected that to have more influence in today's market action, but no dice. Lower consumer sentiment dragged the market for most of the day. Intel raised their guidance, which helped buoy tech today, but this market already has a lot of good news baked into it, and I think what we're seeing is things beginning to stall.

The McClellan oscillator is showing that the market is poised for a pullback:

 

Disclosure:
At the time of this writing, I had no positions in any of the stocks mentioned.