A weak day in the markets thanks to an abysmal consumer confidence number. Materials, solars and steel lead the way down with fixed income and the dollar rallying.


AAPL went right through his 20 day MA (198.75) and underperformed both the SPY & QQQQ. Neither of those closed below their 20 day MA, so I am wondering if this uncoupling means that AAPL is losing some of his leadership. This merits watching.

The flight to quality today definitely did not help my SPY/TBT trade but again this is a longer term idea and I want to see if Bernanke’s testimony tomorrow changes anything.

The charts are a mess right now, so I don’t have anything that I really feel comfortable sharing tonight. I will just note that even though today felt pretty ugly the SPY is still trading between its 50 day (111.02) and 20 day (108.84) so today’s action got us right back to where we were about a week ago.

The Durable Goods number is tomorrow morning along with jobless claims and Bernanke, and Friday brings GDP, Chicago PMI, consumer sentiment and existing home sales. Hopefully these numbers can get us broken out of this range.