By the Book

In addition to the homebuilders, the biotechnology stocks of the small and mid-cap variety housed in the XBI ETF are also sustaining impressive sector rotations today.

The price action in XBI, below on the daily chart, is "by the book" (in terms of its recent breakout, backtest, then resumption of the uptrend today in an explosive manner) and puts bears in a tough spot, as the indices have essentially been consolidating sideways near recent highs. 

In other words, the action underneath the surface is still strong, and we have to keep finding the ripe setups to follow suit.

PCLN earnings tonight should be noteworthy. But the other major Nasdaq leaders with earnings out of the way, namely AMZN FB GOOGL NFLX, remain in contention for new legs higher.  

See you after the bell for my recap.