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Strategies & Market Trends : General market lab and commentary
SPY 683.41+0.2%4:00 PM EST
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From: Robohogs7/28/2016 11:38:04 PM
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Minor notes:

  1. XBI, BBH, FBT and IBB each held the 200 SMA ranging from +6-7% to 3-4% for middle 2 to 1% for IBB. SBIO, PBE and BBC are light years away. Big OVER small.
  2. If FBT did not have several strange components, it might be leading. I have not tested this but just notice it has 2-3 not as correlated names. CRL. Q. A European or two.
  3. Small got destroyed Thur. Big and medium were flattish with big 20 up and 20 down and medium 18-22. Small was down 1.5% and had 10 up.
  4. XBI larger cap members (at least higher weight guys) had fully 65% of components above 200 heading into yesterday. Smaller members were low 40s%.
  5. Volume strength seems to be outpacing indexes and A/D strength. Money again flowing to heavily traded larger cap and sexy names.
  6. There is modest risk we go back to channel bottom. I am hopeful but the breadth issues bother me. This was causing a strong sell signal seen only on these channel tops and in July 2015 AND first recovery after bear started in 2015 as 40 of largest 75 stocks are more extremely up than rest as measured by 33+ up vs down days. I do not get this signal in XBI fully using 70+ - same %es. If I use time to solve problem it also goes away.
  7. Meanwhile base A/D metrics look minor overbought here because so many stocks are weaker. We are due a minor or greater pullback or rest. If mkt breaks higher, it may rest with days like today. Extreme moves have reset with time. No major unfilled gaps are printing. Up streaks exist in IBB weekly and daily but weekly can go for long while. Tape in bio looks fine.
  8. Personally, I thnk mkt inability to break out as individual names roar may be a tell. I do not know.

Jon
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