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It was another up/down day in the market, or perhaps I should say down/up, as stocks started out weaker and chopped their way higher by the close, finishing mixed overall.

This morning's data releases saw the Philadelphia Fed Index for July drop unexpectedly from an anticipated 10.1 to an actual reading of 5.1. Initial jobless claims were lower-than-expected, but continuing jobless claims saw a steep rise over consensus estimates. The Empire Manufacturing Index and industrial production ...

It was a good day to do some backing a filling. We had two intraday declines that helped to work off some of the short term overbought condition in the market and
that may go a long way to build some support under this market as it continues to defy prevailing bearishness.

Not that bearishness is rampant, but it’s more noticeable due to the negative economic tone that continues to permeate the airwaves.

Last night’s positive futures bias obviously did not hold ...

A curious thing is happening to the Top 50 on our tracker. Friday, the total stock allocation for the Top 50 was 34.8%. Monday it had fallen to 30.4%. Today is was just 26.9%.

The Top 50 are selling this rally. But most of those folks weren’t in the market when the rally began either. Usually the kind of buying pressure we’ve been seeing the past week or so would see the stock allocation rise. Sometimes significantly. Not this time.

A contrarian indicator?
...

Monday began with a modest gap down, rallied modestly higher until 1000 and then plunged lower for an hour to the days lows. It looked like it could be a tough day for the bulls, but after the lows were put in the market clawed back to the flat line and finished mixed overall. The Naz, Dow, and S&P all finished a bit higher, but the broader market (Wilshire 4500) was moderately lower.

Still, after last week's strong gains and this being OPEX week, it was not a bad start to begin the ...

Tomorrow starts a new trading week. Here's how we're positioned at the start:




Top 50 ain't buyin' it. Still decidedly bearish with almost 58% cash.




The Total Tracker chart shows a small percentage of folks sought safety after last week's rally. Stock holdings dip marginally.



What ...