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Sub-sector developments point to not nearly as "quiet" of a market as Index price action might imply

Equities range-bound both in US and in Europe while key developments over the last few days focus on Bond yields having broken down while Consumer Discretionary has taken a meaningful leap in relative terms vs Staples which has underperformed most of the year, lagging by more than 500 bps before last week's breakout-  So the mean reversion that had resulted in Technology and Healthcare outperformance in these lagging sectors now seems to be leading to XLY turning up sharply given retail strength while XLP-Staples are fading (Food, Bev, Tobacco) the US Dollar has pulled back over the last couple days not only vs Yen, but also Euro which jumped from 1.095 to near 1.11 in the last couple days-  Specifically for today..  Bonds giving back some of yesterday's gains, while Gold higher by 1% as Dollar's weakness has now reached 4 straight days, and additional selling vs Yen looks possible into the BOJ-  Most of Europe showing slight weakness of 0.50% while Italy and Spain both lower by 1.5%, leading all of Europe lower-  Overall for S&P.  2150-2 will continue to be important on the downside, while 2171-5 as resistance and until this range is broken, it should pay to continue to trade the range-  Key advancing issues for this am pre-mkt-  GRPN, OCN, ALR, ARIA, MRVL, FB, YNDX, BSX, while CIEN, F, GM, EXAS, LPSN, ARGS and INFN are all lower- 

Discretionary breaking out vs Staples in recent days after lengthy underperformance


Technology has shown meaningful outperformance in the month of July as Semiconductors have broken back out to new 15year highs while AAPL has bounced

AAPL hitting important resistance after yesterday's 7% gap to levels that have held this stock since last Spring's peak-  The range continues to tighten, but difficult to get too bullish until we see some meaningful improvement and if anything, its still right to use this recent bounce to sell into for short-term trading, while awaiting further progress before getting bullish on an intermediate-term basis