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Minor pullback lacks much negative breadth- should be buyable in mid-2150s; Energy Lagging

Selling has picked up a bit in the last hour, as S&P has undercut prior lows from this am near 2161 which had held for the last 4 hours.  This is a minor negative development and means Futures likely pullback to the mid-2150s..  with 2156-7 standing out as a good place to cover shorts-  For now, tough to make much at all of this weakness as it has barely even retraced half of yesterday's gains, and structurally, minor pullbacks like this should be buying opptys.  Breadth on today's weakness is barely 2/1 negative a far cry from the 5/1-6/1 on the upside we've seen this week.  Crude's 4% selloff today hurting Energy to the tune of -1.7%, which is outpacing all other sectors, while most others are down just fractionally-  Indus, Tech, Fins all lower by -0.50%.   Telecomm and REITS at the only 2 positives today, with Real estate outperforming all other groups this week in its debut as its own sector.  Given the low rate scenario. Financials very well might continue seeing weakness as former Real estate strength is not there anymore to help prop up this sector-  For today, stocks like TWTR and GPRO both made sizable breakout moves, and FSLR, ENDP, MNK, KORS, CBS, DISCA all bouncing more than 1.5%.. these have been some of the weakest, so most are oversold bounces.  while DVN, RIG, CRM, SWN, MUR, CHK ALXN all down more than 4%.    Should note that 8 of the top 10 UNDERPERFORMERS for S&P today are Energy based.. all down more than 3.5%.  Overall, looks wise to use weakness to buy into next week with A/D lines back at new all-time highs, while a definite uncertainty remains in the market and still seeing outflows from Equities-  $3.4b outflow from equity funds/ETFs this wk. Negative 32 of past 38 wks.. while in Fixed income, the opposite- $5.0b inflow to taxable bond funds. Positive 28 of past 38 wks-  Let me know if you have any questions.  if not. Have a nice weekend

Crude's pullback today having an impact on Energy, and for now, trend still lower from mid-August and from June.    If the US Dollar breaks down, one could see Crude start to turn back higher.. but for now, the trend is very much mixed for Crude