The market is marking time which is cool considering the monster move made over the past few weeks.  Heck, the fact the market isn’t lower might be too good.  I like when the experts are shunning the market and making excuses.  However, it’s clear they are getting into the market and moving on the shallowest dips.

That being said, “market breadth was ugly on a couple of sessions last week and has turned very negative today.” 

NYSE

• Advancers 1,274
• Decliners 1,643

NASDAQ

• Advancers 1,326
• Decliners 1,766

Seeking Value

I should note the cautious nature of winners versus losers today as real estate, utilities and consumer sentiment lead the way.  But the new hot Wall Street play is to buy cyclic names with attractive valuations.

Always remember that beaten down often means there was a reason. We have to think long and hard to know if reactions are overdone and if the fundamental turn has begun.