Market Internals Update

Pressure has been limited, but stocks have spent almost all session mired in the red with modest losses… The stock market started the session on flat footing, but backed down after it failed to attract the follow through buying necessary to push the S&P 500 through resistance in the 1300 zone. Subsequent selling has been modest as many traders consider it good news that there haven’t been any headlines detailing further deterioration in the status of Japan or Libya… There haven’t been any economic data of consequence to motivate participants, but a few corporate news items have led to some increased activity in individual names… In-line earnings from Walgreen (WAG 39.40, -2.57) have been met with a concerted selling effort that has left the stock to sufer its worst single-session slide since June. In contrast, retailer plays Express (EXPR 18.31, +0.91) and Dollar General (DG 30.94, +0.56) are up sharply in response to stronger-than-expected earnings results… Bristol Myers Squibb (BMY 26.39, +0.39) bounced to a one-month high at the open, but has gradually forfeited gains. Initial strength was underpinned by news that one of its drugs met a primary endpoint in a Phase III study… Even though gold prices have spent the session mostly unchanged around $1426 per ounce, a few gold stocks are faring quite well. As such, Newmont Mining (NEM 52.73, +1.03) is up 2% and Kinross Gold (KGC 15.86, +0.57) is up almost 4%… Oil prices have pushed past $104 per barrel, but energy stocks have been unable to shake free from broad market weakness. As such, the Energy Select SPDR ETF (XLE 77.55, 0.13) is down with a slight loss. Dow -0.1%, Nasdaq -0.3%, S&P 500 -0.2%