The gap higher in Treasuries not only failed to hold, but TLT has now turned soundly in the re as I write this. It is worth remembering that even though Treasuries are attempting a double-bottom, they remain in an established downtrend (declining 200-day moving average). So, counter-trend trades must have a tight leash, or at least be watched with a close eye in the event of a rollover.
Speaking of gaps, updating the intraday ETF’s for the small caps and Nasdaq, both appear to be bear-flagging under this morning’s lows.
With respect to momentum leaders, the action is becoming increasingly selective again, especially when you consider the monstrous gap higher in the tape today– AAPL FB LNKD NFLX QIHU SINA all red, while SOHU TSLA green.
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AAPL.
See you at 400
Sir, Yes Sir!