Despite the small losses at the close, Friday was an especially tricky session with a lot of volatility. Many of the leading groups we had cited yesterday reversed pretty sharply today, especially the oil stocks. Where yesterday the focus of sector strength was on offensive groups, today it reverted back to the action Monday where defensives led. Further, mid afternoon a Bloomberg story about poor sales in February out of Walmart (WMT) crushed the retail sector as the algos that scan headline sold just about anything to do with retailing en masse. So while the action at the surface of the market seemed calm, there was actually a lot happening underneath. As for the indexes the S&P 500 fell 0.1% and the NASDAQ 0.21%. Original post: STTG Market Recap February 15, 2013