Yesterday felt like a distribution day to me.

Volume was higher than the prior two days, the NASDAQ closed lower than it opened after a slight gap down, and the candle body, or the daily range was very tight.  There were gains in Internet stocks, both Software and Services and Internet Retail.  Semiconductor continued to follow through to the upside along with Casinos and Gaming stocks.  With the decliners leading the advancers by a 2 to1 margin, the leadership continues to narrow. Friday’s large move to the upside may have been an opportunity for insiders and institutions to unload stocks in select sectors.  Regional Banks led the way on Friday, but since then have had two down days in a row.  What looked to be a potential breakout for the Regional Banks has not materialized.  Read full report