It was a choppy day in the market with some higher momentum stocks taking a few nicks. All major sectors, with the exception of biotechnology, finished in the red. Oil and select technology were the biggest losers to the downside. Breadth finished negative but improved from earlier levels.

There isn't much that can be taken away from today's action as were now in the thick of earnings season and the next several trading days should act as our guide going forward. It seems pretty clear that good reports are being rewarded while poor and mediocre reports are being sold. While that may sound like common sense, it isn't always the the case.

We were net sellers on the day, not because we feel a correction coming, but because we want to see some earnings reports and get a feel for where the money is flowing. It looks as if small select technology stocks are reporting strong numbers and being rewarded while the action from the big boys seems to be quite mixed. Well be patient and let the knee jerk selling and buying settle down before we become more aggressive. Overall we continue to feel quite positive about the market.

There are some decent reports out after the bell including Sharkfolio holding RADN which is trading up over $1. Well be watching the action closely this week as we look for some new opportunities.

Have a good evening.

RevShark