3:00 pm ET: Today the market is showing a little backbone supported by news that Q2 economic growth was better than expected along with a rise in pending home sales. Even that party-pooper the Dow Transports (DTX) has reversed its downward course and is looking to possibly close in the green.
Speaking of green, the sectors are showing a lot of that. One sector fund that has been a stellar performer in recent months is the Market Vectors Retail etf (NYSEARCA:RTH). The stock has been a juggernaut having risen nearly 40% in the past year and is showing no signs of slowing. It's interesting to note that although its more heavily traded counterpart, the SPDR Retail etf (NYSEARCA:XRT), has enjoyed the same return, it's done so with a bit more volatility. Currently, the XRT is trying to retake its $63 May high. (If you're interested in getting in on this bullish action in the retail sector and you'd rather do so with options, please use the XRT as its options field is much more liquid.)
Not much else is happening. The falling VIX and Trin (from their earlier highs) suggest a rally going into the close. But don't expect a lot of action in this low volume environment until Big Ben's banter on Friday.
Article Note: I began to write about e-cigarettes in yesterday's column but it seems as if I bit off a little more than I could chew. It has morphed into a full-fledged article which will be appearing under the articles section either later today or tomorrow. Stay tuned!