While equities in the U.S. struggle this morning, many China and Brazil names are impressive. BIDU is printing new all-time highs, while EWZ is hovering near multi-quarter highs.
Here in the U.S., the small caps in the Russell 2000 Index ETF are finding resistance at the $114 level we observed multiple times last week. I am still inclined to hold off on fresh longs for swing trades until the small caps can improve. At a minimum, it is likely bulls need to hold $113 to avoid a test of last week’s lows.
As far as intraday/day-trading action, China name SINA figures to be showing good momentum today from a long base bottom attempt. Keep an eye on it throughout the session for quick entries.
