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Weekend Video – Large vs Small, XLK Accelerates Higher, Gold/Silver Firm, Oversold Conditions in Commodity-related ETFs (Premium)

Vacation Notice

It is time for a little vacation in July and the publishing schedule will be as follows: 

  • Vacation from July 5th to July 8th (Monday to Thursday)
  • Short Updates on July 9th and 10th (Friday/Saturday)
  • Vacation from July 12th to 17th (Monday to Saturday)
  • Normal Schedule Resumes on Thursday, July 22nd

Think I will reread Reminiscences of a Stock Operator and Trading in the Zone, which are two of the twelve books on my reading list. [1]

Check out the Premium Page (click here) [2] for articles and videos covering trading strategies, seasonality, exits, patterns and more.

Stocks finished on a high note yet again with large-caps leading the way as SPY and QQQ hit new highs. IWM was down, but remains with a triangle breakout. The yield curves narrowed even further in late June and this was accompanied by new highs in oil. Short-term breadth is dragging, but long-term breadth remains strong with over 90% of S&P 500 stocks above their 200-day SMAs. Tech, Communication Services, Healthcare and Consumer Discretionary are the leading sectors. Banks continue to drag their feet and weigh on small-cap performance.

Broad Market Notes

  • Large-caps Surge as Small-caps Stumble
  • QQQ Leads Market Since mid May
  • Composite Breadth Model Remains Bullish
  • Yield Spreads hit New Lows (again)
  • Bonds Continue Higher (Yields Lower)
  • Oil Hits Another New High
  • Gold Firms as Silver Breaks Short-term Resistance
  • Dollar Holds above 200-day

ETF Highlights

  • Small-caps Remain a Mess
  • Micro-cap ETF Tests Breakout Zone
  • XLK, XLY, XLC, XLV Lead with New Highs
  • Software, Internet, Cloud and Cyber are Strong and Extended
  • Semiconductor ETF Breaks Out
  • Mobile Payments ETF Holds Upswing
  • Home Construction ETF Extends on Wedge Breakout
  • Bank ETFs Drift Lower
  • Clean Energy ETFs Get Pennant Breakouts
  • Healthcare Providers ETF Breaks Flag
  • Oil & Gas Equipment & Services ETF Forms Flag
  • Oversold Conditions for Copper, Steel and Uranium ETFs
    Timber and Agribusiness ETFs Go for Bounce
  • A Pattern within a Pattern for Sports Betting iGaming ETF
  • PHO Breaks out as IYZ Forms Similar Triangle
Thanks for tuning in and have a great weekend!