Please enable javascript in your browser to view this site!

Mid-day Tuesday- Equities avoiding selloff for now

into mid-day, S&P has turned stubbornly higher, refusing to buckle, despite the weight on Energy stocks, as Crude's selloff intensifies given the increasing doubts of any deal.   Both Crude and Gold lower along with the US Dollar to a minor extent, with USDJPY shaving off about half its earlier gains.  Treasury yields have all turned lower in the US despite German, Switzerland still ratcheting higher-  Only 3 sectors are DOWN today, Materials.  which has stalled out near prior highs, Energy which is facing a lot of pressure near-term with WTI having turned lower as momentum starting to accelerate down, and Telecom.  Healthcare leading all sectors as mean reversion gets underway and Equipment and Services in particular making VERY sharp gains in the group with stocks like UNH, AET, CI, ANTM showing great technical structure.  Another group which should be highlighted is the Aerospace and Defense group within Industrials.. as GD, TXT, UTX, RTN all are breaking out, or on the verge, and a very attractive part of the broader industrials group which looks right to overweight, while looking to sell into Airline strength-   For S&P, we'll need to get over 2209 to have confidence of a move up and for now, trend still choppy but evidence of Yields peaking along with US Dollar.. so Tech, Healthcare and Industrials will need to carry the charge to help markets rally if Financials continues to wane-   Selectivity remains key