The daily relative trend views show the bearish Financials bouncing, Energy fading, H/C still firm, Industrials and Materials weak and Tech, as ever, leading.
The weekly has everybody still bear trending vs. SPY/SPX. Everybody but… you guessed it.
RE leadership has faded with the slightest bump in yields. Utes too. Transports: Attention distinguished and mature gentlemen in ascots and smoking jackets sipping cognac in well appointed office libraries with cherry furniture and the dutiful little woman in the kitchen preparing Beef Wellington! <okay, that is my humor that I am sure gets a little tiring to some> Transports cling to support vs. SPY. Biotech has been solid lately and BioPharma is the main reason that broad H/C (XLV) has been firm because Medical Devices have for now sagged in leadership. Retail still looks good on a relative basis.
Weekly favors Medical Devices – the hype around which needs to cool down – and as a potential bottom situation, Retail.
That’s all for now. Next week we’ll spy on these Spies once again.
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