Banks we’re a decent tell yesterday, not participating in the purge of participants in the latter half of the session. The P/C ratio jumped to 1.21 again yesterday, simply because stocks traded lower.
Today you have banks ripping higher, biotech breaking out, and pretty decent breadth stats across the board.
The rotation away from defensive names is an interesting signal here too, IMO. If the market is collecting itself for a thrust towards the highs, I’d be reluctant to be long defensive names too.
OA
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XBIT – at risk of repeating, look at this.
Was worth the repeat, thanks.
Methinks VRX is going to cap any further move in biotech — interestingly many new positions were started down here according to last nights filings.
Protection is cheap with 14 handle on the VIX….