(Data as of 12:30PM EST)
Today’s strong market is led by transportation, financials, energy and semis.  Select emerging market ETF’s are doing well.

Ticker	Chart	Name	Price	% Price Change	% Volume Change	RS	% From 50DMA	% From 200DMA
TLT		Ishares Lehman 20+ Yr	91.26	-1.17	183	69	1.59	2.84
IGW		Ishares Semiconductor	48.62	1.55	94	38	-4.48	-3.34
XLY		SPDR Consumer Discretionary	31.7	1.18	200	44	-3.71	-2.85
XLF		SPDR Financial	28.9	1.26	134	49	0.31	-0.65
EEM		Ishares Emerging Markets	205.48	2.02	239	71	-1	9.58
EWG		Ishares Germany	17.7	1.72	331	62	-2.21	3.75
RKH		HLDRS Regional Banks	135.36	1.24	242	56	1.68	0.07
EWY		Ishares South Korea	31.56	3.71	163	68	-3.16	12.31
OIH		HLDRS Oil Service	90.44	1.56	79	79	-4.81	7.04
XLE		SPDR Energy	40.59	0.69	55	87	-4.65	9.88
IYT		Ishares Transportation	62.87	1.16	450	66	-4.21	0.38

The market is moving lower this morning with volume well above average which is reflected in the Q’s and Diamonds, where volume is currently running around 75% greater than average.  Both the Dow and S&P sit at lows for the year.  If they close there today, be prepared for a much larger move down.  The market is being led down once again today by transportation (which has sold off for the 3rd day in a row) and materials.  Money also continues  to flow out of emerging markets.  After several days of heavy selling, energy stocks have rebounded today as crude flirts with $50/barrel.

Money continues to flow out of materials and energy and into pharmaceuticals.

Note About DI 20, DI 40 Scores:

The Demand Indicators measure price and volume movements to gauge institutional demand.  Points are awarded for high volume moves up (institutional buying) as well as light volume selling (indicating healthy consolidation).  The score decreases with low volume buying (indicating demand is waning) as well as high volume selling (institutions dumping shares).  The higher the overall score, the greater demand for the stock. 

Clearly, rotation into big pharma is occurring as evidenced by the DI scores for the HLDRS Pharmaceutical ETF (PPH).  Merck (MRK) and Pfizer (PFE) have moved impressively off the lows, while Johnson and Johnson (JNJ) continues its strong uptrend.  These 3 companies are the largest holdings in the PPH ETF.

Given the broad end of day sell off, I thought I’d post the end day results for ETF Movers as well- note the big end of day sell off in the transportation for the second day in a row.

Just one notable move to the upside today in the Ishares Mexico ETF (EWW)  which is up again today 1.01% with volume 47% above the average.

Transportations stocks are getting hammered today and that’s reflected in the Ishares Transorportation ETF (IYT) which is down 2.79% with volume 407% above average.

Energy ETF’s also taking another hit today:

SPDR Energy (XLE)             Down 1.1%, Volume up 54%
HLDRS Oil Services (OIH)    Down 1.19%, Volume up 38%