Ahead of the open, (23-02)

Today’s trade did nothing to change yesterday’s view for month end. All it really did was show investors are sitting on their hands this week trying to figure out what’s next.  The frothy feeling from last week continued with financials joining in on some profit taking following the RUT,SMH, Homebuilders. The fact SP hangs on while all the beta rally sectors succumb to some lessening of exposure is a positive so far.  Still, RUT/SMH/NDX further losses now put the indices on December to February channel support and /or 20MA.  It looks like it will come down to the Initial claims # on Thursday, if we bounce off support or undergo more of a shallow pullback. Either way, despite the divergences in the market, dip buyers are likely sniffing around for an opportunity to enter.