Powerful Pivots Identify ETF Highs

The earnings from Cisco Systems (CSCO) and Wal-Mart (WMT) combined with higher rates spurred by better unemployment numbers caused the heaviest stock market selling in quite some time. All the major sectors closed lower with seven losing more than 1%. The decline was consistent with the deterioration in the technical studies that has been evident over the past few weeks. The divergence between the number of stocks making new highs and new lows was discussed in yesterday's column and the new lows...