A Closer Look...

I just looked at the NASDAQ breadth indicators and they look pretty good, for the most part they are moving in the right direction, but they are not as strong as the readings from the 16th of April, which causes me some concern. Furthermore, the other indices simply don't look as good as the Naz. Obviously GOOG gives tech a big boost, but I think the other averages should look better than they do, so far.

The TRIN readings are positive, but moving a lot closer to neutral than I'd like. The NYSE A/D line is a bit out of sync with price, not as strong. And overall, a lot of the double-inverse ETF's (shorts) like SKF, QID and TWM-are starting to look interesting. This could be a short-term intraday consolidation and traders are moving into position, or it could be the start of something else.