A Good Topping or Not

In order for my current short in Treasuries to work, I will likely have to see both the rate-sensitive REITs in the IYR ETF and utilities in the XLU succumb to another leg down. 

As we have been observing for a while now, the IYR and XLU have notably lagged the market of late. 

On the updated XLU daily chart, below, the highlighted pennant could easily be a bearish continuation pattern. Of course, with price at the 200-day moving average for over a month now buyers know they need to defend, and have had great success doing as much in this bull market overall.

But another leg down from here, with buyers failing to defend the 200-day, would give credibility to the idea of an intermediate-term top confirmed on the utes and likely be accompanied with further weakness in Treasuries. 

Elsewhere, it looks like FEYE is selling a bit on some recent nows, but the stock is still above my entry from Friday. FB NFLX and PCLN are acting well as per the marquee names.

And lowly YELP might finally be ready for a counter-trend rally.