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[Islander]

The market is seeing heavy rotation out of past winners and the percentage of stocks in good technical shape is decreasing. For the S&P 500 67% of stocks are either basing or advancing. The numbers are worse for small cap stocks. Only 58% of small cap stocks are in good technical shape. (I use Bloomberg technicals and sectors) Over all the Volume has been low for sometime, it might be due to summer, but it is more likely avoidance by traders. The correction trend is established based on internals, but without volume it comes to little. Waiting and expecting more correction today or tomorrow. Islander