All things pointed higher at the open with some beautiful breakouts in the financials. Similar to March, once the financial sector fund ($XLF) touched $25, things failed and went the other way fast. At one point today the VIX was up nearly 50% for the day, which helped me unload my shares in UVXY.
For some reason the $XLF does not like $25, see below:
The Qs also had everyone talking as prices started to break below some significant support levels, paving way for some nasty declines in Tech. Here’s a daily look at the Qs closing below the 50 day moving average, but above prior support levels:
As for today’s hybrid movers, there are only a few to note: SWN, NOV, RRC, HAL, CMG, & URRE. (Full Screen)
Let’s see if today was a one day event or if it turns into something a little more flashy. What say you? Over the next month (July), do you see stocks higher or lower?