Markets do try to signal the "all-clear." That's what AmerisourceBergen (ABC), Cigna (CI) and NXP Semi (NXPI) are trying to do.
The key groups on the downside here have been tech and domestic health care. Yesterday we had a true blow-up in Humana, the most trustworthy of health maintenance organizations. Cigna went the other way this morning, which is quite impressive and would be even more so if the dollar were to bottom.
AmerisourceBergen is crucial. It is up huge. That's a major health care leader and it sent McKesson (MCK) higher, but it's given up most of the gain. Cardinal Health (CAH) is on the other side, though, slipping even as its numbers were actually good. Meanwhile, Express Scripts (ESRX) is acting well given its call about how it's evaluating "strategic options."
What a battleground, and all on low volume.
Then there's NXP, a crucial semi for cellphones with a robust number. It has Avago (AVGO) and Skyworks (SWKS) going, but Skyworks reports tonight.
These are the battlegrounds. Watch all of these stocks; they will tell you where this market's going to go.