An Aerial View of the Market

We have a modest bounce going in the indices this morning. After scaling a big win in NUGT earlier, I have a mixed bag with my shorts. AAL UAL V are performing well for me, while the biotech resilience is pressuring my BIS (ultra-short biotech sector) long. LOW is also being stubborn up here, too. Depending on whether the bounce gains steam this afternoon, I may lighten up some more into the holiday weekend. If we do see a rollover, you cannot deny the clues were not present. Case in point: Consider the glaring weakness in AAPL, seen below on the daily chart. I pointed out the potential for resistance last week, as price came up to the 50-day moving average (dark blue line) and resistance trendline dating back to December (upper light blue line). While AAPL may not be a growth leader in the tape, per se, it sure is a heavy weight in the QQQ and thus continue to merit your attention.