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Major indexes turn mixed

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With just less than an hour left to go in today's trade, the major indexes have taken on a mixed look with the Dow Industrials (INDU) 8,728 -0.73% off 65 points, S&P 100 Index (OEX.X) 477.8 -0.37% off 1.6 points and S&P 500 Index (SPX.X) 950.62 -0.27% lower by 2.6 points. NASDAQ indexes have the broadest NASDAQ Composite (COMPX) 1,573 +0.62% holding a 9.7-point gain and narrower NASDAQ-100 Index (NDX.X) 1,181 +0.65% still hanging onto a 7.6-point gain.

There's really been no "news" that has triggered today's reversal, but one can only speculate that bulls are once again looking to take some profits off the table at what I would deem higher risk levels. The question remains, is this a near-term top, or is there still another leg higher yet to go?

Market internals remain positive, and the slight deterioration in the advance/decline line has leveled out at the 03:00 PM EST mark with NYSE reporting trade volumes of 1.27 billion shares and looks to match yesterdays 1.49 billion session ending volume. Advancing issues still lead decliners by a 17 to 15 margin, up slightly from the 02:00 PM EST 16:15. New highs continue to build at 276 in today's trade, with just 6 stocks hitting new 52- week lows.

NASDAQ volume is brisk at 1.77 billion shares with advancers outnumbering decliners by an 18 to 13 margin (17:13 at 02:00 PM EST), with 215 stocks having reached a new 52-week high compared to 10 stocks at new 52-week lows.

Treasury bonds found a strong round of buying today and reversed yesterday's losses. The shorter-dated 5-year YIELD ($FVX.X) fell sharply, losing 7.7 basis points to close at yet another multi- decade low of 2.259. The benchmark 10-year YIELD ($TNX.X) dropped 9.2 basis points to see its YIELD close at 3.39%, while the longer-dated 30-year YIELD ($TYX.X) fell 6.2 basis points to 1.4%.

Shares of semiconductor bellwether Intel (NASDAQ:INTC) $20.66 +4.6% hold near their highs of the session and is today's most actively traded at over 103.6 million shares. The gains in Intel (INTC) have helped keep the Semiconductor Index (SOX.X) 374 +2.84% at the top of today's sector winner's list. I saw a brief blurb come across the newswires discussing some rather impressive recent monthly gains from smaller European wireless telecom stocks, and not sure if some of Intel's wireless chips are then thought to benefit on thoughts of building demand in the sector or not. That and short-covering are my only thoughts on Intel's impressive gains in today's session.

Jeff Bailey

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