What do we make of today's action?
- New Highs in the Dow Industrials and Transports as
- Energy leading, Crude up 1%
- Russell 2000 Red
- MSFT at a new decade high
- A lift in materials while copper was down 1%
- Biotech down 1.5%
- TLT green, high yield bonds red
Confused yet? If so, you're not alone. We might as well score one for the 'don't pay attention to daily movements' crowd!
This market seems all too similar to the spring. However, unlike the spring, high yield corporate bonds are leading the market in rolling over below the 50D MA.
Stock move of the day:
Horizon was one of the best pharma plays before Biotech broke down in March. It's failed to reach those highs and is now breaking gradual support. Is a test of the 200D next?
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