Tuesday, June 02, 2009

Technical Picture - Narrow Range Consolidation

The S&P edged slightly above Monday's range following the stronger than expected Pending Home Sales data (+6.7% vs. +0.5%). However, it stalled at resistance with choppy sideways trade persisting into the close. I'm seeing some sector rotation with more defensive sectors such as medical supplies, biotech, and education seeing some green today. Airlines were the leaders and financials the laggards.

ADP employment figures will be out in pre-market tomorrow morning.

Focus list - Bearish - BUCY, JOYG, WFC, JPM; Bullish - ESRX

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