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Energy and Biotech remain overweights

gm-  Global markets largely mixed this am, with minor pullbacks in S&P and Europe along with China, while Japan continues to press higher-  Yields and US Dollar also moving up and this is a key theme to highlight heading into FOMC, as Breakout yesterday in 2 yr yields likely will also coincide with 5, 10 and 30 yr yields breaking out as well which in turn should serve as a catalyst for Financials to outperform in the next couple weeks- Crude and Gold lower this am and important to watch as gold nears 1230 as it faces a bigger breakdown which likely occurs as 10yr yields break back out higher-   For now, Energy and Biotech are two areas which should have focus as Technical overweights from a risk/reward perspective vs reaching for industrials, financials, or Discretionary here, while looking to sell into the Defensives as Utilities, REITS, are not likely to thrive as yields move higher-   Fed fund futures now show 80% chance of Hike in 2 weeks and market seems to be readying itself while sentiment growing more optimistic by the day-  Key for S&P today 2389 near earlier lows, then 2385-6, and 2370-2, while on upside 2400-5-  Premkt gainers for this am:   AUPH, VRML, MSNT, AVGO, BURL, BLDP while on downside- DRYS, SSI, ADPT, JUNO, OPK, KITE-  Let me know if you have questions