Thursday, February 26, 2009

Technical Picture - Box Play

The market proved unable to generate enough momentum to work back through Wednesday's highs on the morning push led by banks and oil, with a choppy pullback into midday trade. The markets sold off on the Obama budget. The worst performing sectors were led by Healthcare -10.3%, Health Provider -6.6%, Biotech -4.4%, Medical Equipment -4.2%, Medical Supplies -3.6% amid concerns over the president's health care system plans. We're trading in a box. Expect more intraday swings until the BO which could occur tomorrow.

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