OVERVIEW: A bit of a mixed market today with the small caps leading the losers with a loss of 0.49% and the Dow registering a much needed up day with a gain of 0.45% however, the index did finish near the lows for the session. On a positive note, it looks like when the final volume numbers come in that no distribution days will be registered as volume looks to have declined from yesterday across the indices. That’s said, when yesterdays final volume numbers were tallied, the S&P 500 chalked up its sixth distribution day in only the last 17 sessions. The Nasdaq has definitely outperformed and looks just a bit healthier in regards to the distribution picture however, the rash of recent distribution days in the S&P can’t be ignored. When we get the final totals from today trading activity we will reassess our official Market Gauge, but for now with only 50% of our portfolio invested it is safe to say we are still preceding with caution. Here is a look at the S&P 500 via the SPY as of the close tonight.
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