Please enable javascript in your browser to view this site!

OIH and XOP make absolute breakouts to join relative from last week

Equities remain locked in range-bound consolidation with no progress in broader indices, while Interest rates continue to press higher, and TNX not too far away from pretty major resistance at 2.20%.   Energy is the overwhelming leader today with 2-3% gains out of OIH and XOP while Discretionary also makes headway with JWN, ORLY, UA, DRI, BBY strength, all up more than 3%.  Meanwhile the Metals continue to drift lower and have clearly fallen on hard times with both yields and USD turning up, in the short run.  Builders weak today along with Healthcare and Real estate, but otherwise, very little volatility and/or changes in most things to comment on.   It will be necessary for Equities to show some real upward thrust and breadth expansion soon, as the recent bounce did not do much for momentum and now things appear to be stalling out yet again.  Important to keep an eye on the exits heading into Expiration and late Sept/October.. for now, prices are holding up.. but Tech and Financials should hold the key