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Despite the big market bounce today, it is worth noting that momentum names in the consumer discretionary space, such as SBUX, are not participating. In fact, SBUX is confirming yesterday’s bearish engulfing candle to the downside today. Also note the weakness in BWLD and PNRA. While AAPL is bouncing hard, many momentum leaders are losing their luster.
I am also intrigued by the materials space continuing to see inflows. Look for the rotation to continue.
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So are we going higher?
I would not think @razorsedge would allow a non-smoking sign on his vesicle?