Market Mixed but not Down

I want to start by looking at the market from a sector level. Leadership continues in the Consumer Discretionary ($XLY), Healthcare ($XLV), Finance ($XLF), and Consumer Staples ($XLP) sectors. This is why we have been trading names like Amazon ($AMZN), Home Depot ($HD), Morgan Stanley ($MS) and Monster Beverage Corp ($MNST).

On the flip side we have industrials ($XLI), Energy ($XLE), and Materials ($XLB) sectors in downtrends. The notable losses in Energy ($XLE) and Materials ($XLB) sectors are quite large, double digits. These sectors are keeping the overall market choppy.

This weakness has not lead to a broader market ($SPY) pullback, at least not one that could be sustained. AS long as Finance ($XLF) and Consumer Discretionary ($XLY) continue to lead, this market will be hard pressed to have the momentum to truly turn bearish.

Have a great trading day.