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This morning we had what looked to be some expected profit-taking and mild pullbacks in the market after the initial spike higher right at the open. Since then, Fitch came out and downgraded Italy and Spain’s sovereign debt and the selling has picked up across the board. I locked in some nice gains inside 12631 in a few positions and am back to 100% cash, waiting to see how this pullback plays out. Keep in mind, as recently as Tuesday we were down at 1074 on the S&P 500. Currently, we are above 1150 and could easily come in some more while keeping the rally this week largely intact.
Healthcare and utilities are showing strong relative performance today, while financials, technology, and materials are all leading to the downside.
Looks like JuicyFruit received his answer. See aforementioned C&W post.