Mid Week Subsector Performance Update June 26, 2013 
The rally on the week remains intact with the broad market rebounding strongly from last week's punishing declines. However, sector rotation patterns are sounding a somewhat cautionary note, with predominantly defensive groups leading the short term rankings, while Basic Resources dominate on the downside with predominantly Tech and Financials occupying the spots just above the bottom 10 subsectors.

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Broad Market Internals, week beginning June 24, 2013 
Last week volume exploded setting a record for ’13 no doubt helped along by triple witching. Best areas were Forestry & Paper, Mobile Telecoms together with Pharma and Pipelines (all 3 again ), Home Builders, and PMs.

Breadth was relatively firm - having trouble keeping up with the sharp declines - in contrast to the generally lagging conditions since early Mar consistent with the LT trend. 52wk highs have been substantially eliminated, steadily deteriorating since setting a 3yr record mid May, with the best concentrations in Healthcare Providers, Mobile Telecoms, and Aero & Def , and 52wk lows tentatively building Thu setting a 9m record albeit still well contained and concentrated in Industrial Mining and PMs.

Short term indicators - measuring the percentage of stocks above their 10-day moving average - ended the week just off extreme oversold levels hit Thu, well within the range from which oversold rallies typically develop within a few days, while the 25-day indicator saw the most oversold readings since last Nov.

Meanwhile the downtrend in the intermediate 50-day moving average indicator since hitting extreme overbought levels mid May has extended to neutral/mildly oversold territory; normally this is some distance from where intermediate declines reverse, but not far off levels that triggered a rally in Apr and the question is whether near term history will repeat?

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MarketScalpel Blog 
Welcome to the MarketScalpel Blog!

Better late than never, we are starting several initiatives to distribute out research services more widely via this blog, Twitter, etc..

The mainstay of our sector focused research will remain reserved for clients, but we will aim to share more widely some of the other interesting information derived from our market analysis; Total market commentary and internals, stock movers, asset allocation, and so on.

As always we welcome feedback, and if you have any comments please contact us using the various tools available.

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