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Despite low index volatility, a lot continues to go on behind the scenes

Just about an hour left in the session, Not much volatliity post Fed minutes, bond yields have dropped back lower a bit, with 10yr at 2.33.. S&p still stubbornly range-bound but positive and NASDAQ snapping back relatively, outperforming for nearly the first time in a week-  Despite indices being higher, volume and Advance/decline are both bearish today, w/ about 2/1 negative volume and a bit more than 3/2 into Declining vs Advancing issues.   Tech is today's best performing sector, while both Energy and Real estate are lower by more than 1%, with Crude's 4% drop having a bearish effect on that sector  (Note neither XLE, or OIH managed to break materially up above existing downtrend.. and can't make too much of this sector as having bottomed yet, despite the meaningful lift in WTI over the last 2 weeks.  Metals weak, though gold showing fractional gains.. but Silver has sold off to the lowest levels of the year today, undercutting mid-May lows-  Sectors like Utilities, Staples, Telecom, and Discretionary also negative.. so its really just Tech, Healthcare and Financials positive with fractional gains out of Industrials with Transports having pushed back to new all-time highs-  Overall the sector rotation continues but some concerns about LOW Put/call data on equities.. mid-50s  while volume and breadth are negative today-  Yet, Biotech for now, seems poised to retest former highs and above, and is an area of strength to favor.  the rails and Airlines should be overweighted within Industrials, and Financials still acting well with Rates moving higher, despite today's stall out.  Most Yield sensitive sectors should be avoided..  Overall , a lot going on underneath the surface despite just fractional gains in US indices-  but neither support, nor resistance has been breached and the status quo for US stocks continues

Silver has violated May lows today, bringing that down to the lowest level since last December

Silver has violated May lows today, bringing that down to the lowest level since last December