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Profit Taking Rules the Day

The broad gains in cyclicals last week is reversing today, due to obvious profit taking: homebuilders down about 3 percent, retail down 2 to 3 percent, Transports down 1 percent, commodity stocks down 2 percent, industrials down 1 to 2 percent.

Financials were holding up better, but they too have weakened a bit midday. Goldman Sachs continues to underperform, even as large bank stocks like B of A and Citi continue to post gains (though volumes are way below what they were last week); most regional banks are down, however. Earlier weakness on a 10Q from State Street has reversed somewhat (see my earlier note).

Dollar rally continues for the third day (gold down for the fourth day as well); most commodity stocks are down 1 to 3 percent.

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