Well, the economic news was mostly good today. But when sales hit in the last hour, you know the rally is in trouble.
Stocks faltered in the final hour of trade to finish the day with a fractional loss. The slide came in the face of leadership from financials and some upbeat retail sales data.
Financials spent the entire session out in front of the broader market. At its best level the sector was up 1.6% as banks caught a bid and consumer finance plays attracted support following the release of their latest monthly card metrics. Financials failed to hold their gains, though, as sellers reclaimed control of broader market action in late trade.
Today was a perfect day to lighten up, but I didn’t do it. I would expect similar action, where the hardest selling is in the last hour, should we be in correction mode.
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In a fantasy football league where I can do no wrong and have Michael Vick going tonight, I keep being outscored by whoever I’m playing. Yeah. Whoever I play has their “career” game, and I end up losing. I think that league is toast, yet it is my strongest team. Luck of the draw.