I had such a great time joining the good folks at Yahoo Finance on Market Movers yesterday morning, especially since I stayed put in my office and joined via Skype. I didn’t think it was possible to look worse than I do on TV without makeup, but yes, I got scared watching the replay!
After stocks huge sure on Wednesday, I thought that the market would pause to digest or refresh, perhaps back and fill. The Dow had been leading, but I am expecting leadership to change starting essentially right now. Semis and banks continue to disappoint me but transports and discretionary are acting better. Retail and materials, along with defensive sectors like telecom, utilities, staples and REITs are also behaving constructively.
Do not ignore my last comment. That may be very telling for things to come. Defensive sectors typically lead into a bear market and recession. More on that later.
