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Small-cap Breakdown looks serious, & an offset to Financials Strength

90 mins to go.. indices largely lie unchanged but some interesting sector rotation ongoing with Telecomm, Financials, Healthcare, Materials showing strength while Industrials, Discretionary, Tech, Real estate quite weak- Today can be summed up by 4 key ideas-  1) Yields breaking out here and abroad which is driving Financials strength  2) Defensive and yield sensitive sectors weakening though not nearly to the extent they could be potentially given such a sharp rise in TNX- Gold also hanging in fairly resiliently given such a sharp yield rise3) Disconnect between various parts of the Equity market where the strength in Financials is in many cases being equally if not more offset by weakness in Industrials, Discretionary-  so definitely no widespread upside participation and a MUST to be selective in what to own.   4) Small-caps vs S&P has also broken down today with meaningful breaks in IWM and also RTY v SPX which broke a long-term uptrend from February-   Other important points:   Technology has just recently joined the "consolidation" pulling back  after a sharp runup and NASDAQ vs SPX shows this stalling out right near prior highs.. so also a tough area to be invested after a runup and stallout and many Tech stocks like GOOGL, ADBE, FB, ATVI have all begun to retreat of late- - For now, all this technical deterioration OUTSIDE of Financials makes it difficult to embrace this move too much in the near-term, but it IS a positive move for the Banks, Brokers and even on a correction should be used to buy given the structural improvement-  UNDER 2123 in S&P futures would cause a near-term pullback to get underway, despite financial strength and market remains disjointed and challenging given sideways trend amidst massive sector rotation