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Small caps broke below $115.50 on the IWM ETF, finally, this afternoon.
If this market does follow-through lower this week, the poison was already in the glass via the small cap weakness.
I have plenty of short exposure on at the moment, inside 12631.
Anything think the intraday Apple spike was a massive bull trap?
Still some speculative fervor remains with name alike GPRO MBLY SCOK screaming higher today.
See you after the bell for my video market recap.
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I am seeing some more choppy action and wild price swings in equities, with bears failing once again to pounce on the small caps potential breaking down below $115.50 on the IWM ETF.
After taking profits in my natural gas levered long today, I am still in an on my bond short.
While Treasuries are probably due for a bounce, I have not seen much of one yet.
Coffee is back down to around where I first bought it, and acting sloppily. Other softs remain very weak, as are crude and the precious metals and miners.
Overall, I am seeing sharp fades in both directions. Just as I have had one eye on the exits with my longs, so too do I with my shorts.
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The small caps in the Russell are still under pressure.
Note the intraday chart, below, for the ETF threatening to break the morning lows.
Until this chart improves, I am reticent to put on any new longs.
Who is playing the Apple event?
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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
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It is hard to believe that Berkshire Hathaway, the largest component of the XLF sector ETF for the financials has not tested its 200-day moving average since 2012. Back in 2010, readers will recall I was wildly bullish on Berkshire and even held the name as a long-term investment for several years, only selling recently.
In addition to Berkshire, MasterCard was another long-term bullish thesis I had back in 2011. Recently, though, the stock began to unwind from its extended conditions.
And, on the daily chart below, note the potential for a well-defined support breakdown.
What are you trading this morning?
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