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S&P Mid-Cap Breaks out to new All-time highs, while Gold, Treasuries surge

Happy Friday-  Afternoon- ~ 2:30pm

Equities and Treasuries continuing to gain some ground into the afternoon with less than 2 hours to the close, breadth is mildly positive by about a 3/2 margin,  Defensive sectors leading with Telecomm and Utilities posting gains above 0.50% while Materials, Industrials and Financials are all negative-  Important to mention that both the S&P Mid-Cap index along with Bloomberg World index are making important technical moves today.  MID joining S&P at new all-time highs, while Bloomberg world index is exceeding April highs to reach the highest levels since mid-2015-   Elsewhere,  the Dollar continuing to selloff throughout the session, while Gold managed to spike right after the open and faces critical near-term resistance at 1375.  emerging mkts failed to follow-through on pullback attempts and outperforming today, with Dollar weakness, but ETFs like EEM, and EWZ look to be near critical areas-  overall, no changein equity outlook and neutral stance continues, but the dramatic gains in Yen vs Dollar along with Treasuries on a day when GDP disappointed typically leads to stocks turning lower and for now, we just have a hint of defensive strength, but really no evidence of any equity weakness-  earlier Crude losses found support right at the 61.8% retracement of the prior January-June advance before rallying back up to near 41.45, so the first real reversal signal we've seen out of Crude since its pullback began, and some evidence that many of these Energy stocks have fallen too far too quickly and could be starting to stabilize if Crude can bounce. Today is already seeing some of those laggards bounce-  DO, BHI, MUR, DVN while the Gas related E&P s still showing strength with Natty showing some strong follow-through-   For now, it looks right to favor the Metals.. along with Treasuries,   and Tech and Healthcare.. while Utilities and REITS both are acting very well (VNQ breaking out again to new record highs).. while Financials could lag with rates pulling back, and more important to be selective here-  Let me know if you have questions