Our stance remains the same. Darn good chance there is a changing of the guard as the leading Nasdaq/NDX/Tech/internet/semis and all that stuff look like last week’s high volume drop from very extended conditions is it for now…for now. You can see it in the market again today as the Dow ended up but the Nasdaq was down. When the Dow was flat, the Nasdaq was down big.
Money flows heading into lower beta stuff in Insurance, Industrials, Housing and the like. On top of that, rates are again diving.
Lastly, sorry gold bugs but gold stocks are again rolling over. On top of that, oils continue to head into the abyss.