Greetings and Welcome to this week’s Top Down Review

The market feels heavy as several indices move to new highs while the RUT starts to falter.  Breadth by many measures is dropping supporting that participation may be dropping as the leaders become narrower.

We are in a seasonal strong time of the market.  Will Seasonality trump Interest rates?  Friday’s unemployment numbers may be very telling but more importantly we are 10 days away from a FED Meeting and potential rate increase.

Join me on my top down review.  There are not a lot of places to hide, but I am heavy in SEMIs, BIOTECH and Specialty PHARMACY as well as BANKs.   I have raised my stops and may get much more defensive as the market moves during this week.  However, I have learned to wait for the market to make its move and not try and predict and front run that move.  Historically that does not work for me.