Thursday, November 05, 2009
Midday Briefing for November 5th: A Look at the Laggards
Although we've taken out yesterday's highs in the ES contract (top chart above) and are consolidating near the 10/29 resistance, note that many sectors are lagging and having trouble breaking yesterday's highs. These include financial stocks (bottom chart), as well as energy shares, materials stocks, and consumer staples issues. I note also that gold, oil, the euro, and the Aussie dollar have all stayed below their Wednesday highs. I'd like to see greater participation from sectors and intermarket themes in order to decisively take out that 10/29 resistance in ES.