The markets continue to find volatility at lows as the bears sell every single rally attempt. The bulls have offered to buy dips this week again, but the bears continue to offer up shares for sale at every bounce. The S&P 500 (SPY ) has made new lows each day this week as the uncertainty of the Federal Reserve interest rate position has continued to dominate the market media.
The Nasdaq 100 (QQQ ) has also made new lows this week, but found a touch more support on Tuesday as the big tech names held steady in the positive. For the week, the QQQ is still lower so far and remains in a healthy downtrend.
Oil (USO ) has been close to the center of attention this week after Tuesday's plunge to new lows yet again. Each day this week the price of oil has hit new 52-week lows as global oversupply and economic slowdown here in the States has many concerned about future demand. The USO has lost 10% in just the first two days of the week so far.
Healthcare (XLV ) has taken a bit of a hit this week, pushing through the 200-day moving average as investors continue to move away from the sector. News of a Federal Judge ruling that Obamacare was unconstitutional has led many to think that there will be yet another attempt to dismantle the existing law.
Lastly, home builders (XHB ) saw a little bounce Tuesday as the number of new home starts came in better than expected. There has been much concern about the slowdown in the real estate markets, but this number offered a little support. Still, investors remain fairly bearish on the sector as home starts are still lower by 13% year over year.