Beat Goes On, Sonny Bono
For the most part, everyone in my Economic Modern Family kept their seats in the minivan. Transportation (IYT) though, forced Grandpa Russell 2000s (IWM) to apply the brakes deactivating the cruise control as IYT threatened to hitchhike home.
This got Grandma Retail (XRT) angry, so she jumped out of the van, managed to convince IYT to get back in, with the threat that if Grandpa IWM doesn’t drive faster, she’ll bale along with IYT!
Meanwhile, Semiconductors (SMH) said, ”Hey, what about me? Haven’t I done enough for you all?” That got Biotechnology (IBB) all up in a knot so he decided to stay in the van, but not allow it to move above and beyond the mileage he put on the day prior (inside day).
Regional Banks (KRE) was all like, “Dudes, if you all cannot decide whether we are taking this trip to the mountains or not, I will sit idly by just like Big Bro IBB.” (Another inside day.)
Dow (DIA), not part of the immediate family but definitely a second cousin, posted a second inside day. That’s rare for an index and sends a message to his relatives that if they cannot bust a move-he will just sit on the dock of the bay wasting time.
The plot thickened as to prevent the 2 inside days in the DIA from feeling lonely, IWM, SPY and QQQs stood in solidarity and also traded inside the range of the prior day.
Back at the sheep pasture, the sheep sprinters that busted out of the gate Thursday were 3-D printing (DDD), GoPro Inc (GPRO) and Palo-Alto Networks (PANW) all up 5%+. The sheared sheep that headed for slaughter-Terex Corp (TEX), down nearly 8%.
And The Range (Beat) Goes On. The Range Goes On!
S&P 500 (SPY) Inside day. Looking at 213.78, the 2015 high as the point to clear. Subscribers: Positive Pivots in all except DIA
Russell 2000 (IWM) Inside day. Confirmed Bullish Phase
Dow (DIA) 2 Inside days! 182 resistance to clear
Nasdaq (QQQ) Inside day after trading within 8 cents of negating the possible double top pattern we began this week concerned with.
XLF (Financials) Inside day with 24.90 the next point to clear and 24.45 point to hold
KRE (Regional Banks) There is a reason this is in the Economic Modern Family. Remains one of my favorite sectors-active model has been holding since February
SMH (Semiconductors) New high and pause
IYT (Transportation) New 60+ day low but recovered some from there. If week ends over 151.60 a good sign
IBB (Biotechnology) Inside day. 370 next hurdle
XRT (Retail) Range to break 99.70 upside, 98.00 downside
IYR (Real Estate) Under the 200 DMA-over 76.20 clears it
GLD (Gold Trust) Over 115 better if holds 114
USO (US Oil Fund) Held 19.05, the 50 DMA and rallied-interesting
XOP (Oil and Gas Exploration) Broke the giant bear flag
TAN (Guggenheim Solar Energy) Held 41.90. Like better over 43.50
TLT (iShares 20+ Year Treasuries) 124 the 200 DMA and 120.25 support
UUP (Dollar Bull) The 50 DMA at 25.50
