Technical Picture Worrisome

 | Sep 04, 2012 | 2:34 PM EDT
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The most interesting thing about the action today is that the small-cap indices are outperforming, although breadth is running negative. That is an indication that there is some stock-picking action at work, but it is a peculiar mix of leadership. Biotechs, silver and homebuilders are the best groups at the moment.

The overall technical pattern of the major indices is a bit worrisome. We have the slow rollover and, although we are still holding support, there is plenty of erosion. If there was more energy I wouldn't worry about it much, but I'm a bit concerned we could drift lower as we await macro news flow particularly the jobs report on Friday.

My stock of the week, Ryland Group (RYL), is trying to break out, but I'm not having much luck adding to positions at this point. The market action is a bit confusing and I'm trying to be selective while we wait for the action to perk up a bit.

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