Reading the Grape Leaves with Greece

After that $126 level on the IWM, small cap ETF for the Russell 2000 Index stocks, was breached earlier today (please see prior blog post on this website), I elected to cut my equity longs inside Market Chess Subscription Services, locking in nice gains this week in FB INCY, and taking off smaller losses and wins in INSY MDLZ ZIXI. 

Currently, I am probing a few interesting inter-market ideas, as we have INTC NFLX major earnings tonight. 

Emerging markets and the energy complex continue to slide, as I suspect many trapped longs from higher prices remain, in terms of those who assumed a bottom. 

After a multi-day rally, some giveback may not be the most bearish scenario at this point. But lagging sectors like the transports remain a concern, as does the energy complex. Sooner or later, if they fail to improve I suspect they will not be viewed with such a flippant attitude, as I see many market players viewing them now. 

I also see the biotechnology sector reversing lower, via the IBB ETF. A red close after  gap-up in light of the CELG deal could easily mark some type of short-term blow-off, as well.