UUP, the ETF which allows one to profit from recovery of the US dollar against a basket of currencies, would seem to have further upside potential in the near term.

Allegheney (AYE) has pulled back following a recent drop on substantial volume and could be vulnerable to further weakness near the $27 level.

Clive Corcoran senses that there is too much optimism about assumptions for the recovery and the rate of growth.

Equities are showing a remarkable ability to take on all kinds of negative news in their stride and there have been many suggestions that various vested interests are helping things along.

The homebuilding sector is appearing to discount the effect that higher mortgage rates will have on forward demand for new housing as the technical pattern is giving rise to some concern.

An interesting sector which can be played via an ETF involves the solar energy stocks, traded under the symbol TAN. There is negative momentum evidence and the chart suggests that a correction is emerging.

Action in the S&P 500 (SPX) yesterday suggests that an inflection point has been reached with a presumption that an intermediate-term top is in place.

Substantial volume was registered yesterday for the consumer discretionary stocks, as tracked by XLY, and the sector may struggle to move back towards the 25 level.

Clive Corcoran would be very careful on the long side in today’s session if SPY, the S&P 500 proxy, makes it above 93.

XLU, an exchange traded fund which tracks the utilities sector, has broken below key support levels and violated the uptrend line from the March low.