03Feb11:27 amEST

More Spreads Than Your Super Bowl Party

Seahawks-Snack-Stadium-Super-Bowl The bifurcation across markets continues, with biotechnology stocks essentially breaking down from a rising wedge (although the close is going to be paramount today, it is still fairly early in the session), while other parts of the market are strong, namely the Dow and small caps. You can see the updated biotech sector ETF daily chart, below with the highlighted rising wedge breaking down so far today, a thesis we have been looking at in recent videos and blog posts. As for the rest of the tape, it is a mixed bag and reinforces the idea of spreads, galore. 3D printing stocks are getting slammed off the SSYS outlook, while solars are squeezing back from the dead with oil stabilizing. Major casinos are also staging snapback rallies, namely LVS WYNN. However, just as with the solars and energy stocks we are talking about very damaged charts, and rallies are likely to be sold into until further notice. At the moment, I am not looking to put on fresh positions. I am managing my open ones, winners and losers a like. Short airlines is a thesis which is still working, while short small caps and the other part of my long gold miners trade are underwater. IBB

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