Bears Easily Scared Off: Dave's Daily

Market internals were weak enough that some of the extreme overbought conditions eased. Nevertheless, it's still a battle between good earnings, the omnipresent and bountiful punchbowl vs lousy economic data. (So, two against one?)

Consumer Confidence data was worse than expected while home prices increased marginally better than expected. But, home prices benefited from the tax credit that expired so many believe prices will decline or go sideways.

Winners today were DuPont, Amgen, Google and Apple but the tone overall seemed tired.

Wednesday, Thursday and Friday will bring more important economic data while earnings will continue to roll-out.

Volume did increase Tuesday but breadth was weak since with markets overbought some profit-taking was expected.

SPY: Before we can get involved the weekly charts must lead the way and thus far there isn't a buy or sell message.

MDY & IWM: Both Mid and Small-Caps showed some tentativeness Tuesday with poor Consumer Confidence data.

 

 

QQQQ: A good day for heavyweight Apple still leave the QQQQ's trailing their peers some.

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