A Look at Tuesday’s Market: The overall market finished Tuesday mixed with the S&P 500 and the Dow Jones Industrial Average finishing slightly lower, while the NASDAQ finished the day slightly higher. There was strength in the Transports, Utilities, Banking, Airlines, Broker/Dealers, High Tech, Oil & Gas, Biotech, and Healthcare indices. There was weakness in the Gold/Silver, Commodities, Cyclicals, Consumer, Retailers, Insurance, and Oil Services indices. Oil was lower by $0.30 to $98.48 per barrel, and Gold was higher by $6.80 to $1,737.80 per ounce. In the grain markets, Wheat was higher by $0.212 to $6.660 per bushel, and Corn was higher by $0.074 to $6.452 per bushel, while Soybeans were higher by $0.36 to $11.990 per bushel.
A Few Thoughts Looking Towards Wednesday Market: In looking at the charts from Tuesday’s tradingwith the exception of the Airline index and a pair of Technology indices the rest of the market looks like it may be starting to pull back. I do not have a confirmation of this yet in the charts, but I expect that I will in the next couple of days. Until then I would be a little cautious about adding too many new long positions. For what it is worth, my gut tells me we are due for a pullback.