An unsually quiet Monday

SPX pulled back after retracing to fibo 0.5 from Dec high. Financial and real estate sectors pulled back with lighter volume and short-term uptrend are intact. XLF, however, reversed yesterday's light-volume breakout and dropped below the trend line. Retailers were hit harder but still found support at 10-day MA. Transportation pulled back without violating 5-day MA but the volume increased 100%, not a good sign.  QQQQ dropped deeper with short term downtrend established, though it may just range bound between 44-46. Also note that pharmaceuticals had 3-day consecutive gains, approaching the gap, with 50% more volume today.

Crude oil turned north leading to a nice comeback of USO and OIH, which triggered stop loss of my position of RRC. Agriculture DBA made new high and my POT also got stopped out. These two trades were clearly too aggressive and fortunately the loss is small. Gold gapped down and the gap was filled later, and I expect more downside coming.

IBD high volume up day: RATE
Dow/Naz high volume up day: YHOO

Note SPX is in a rising wedge - tomorrow will be interesting.