All That Junk Inside the Nasdaq's Trunk

Although the likes of AAPL AMZN FB GPRO are sprinting into their respective earnings reports, the action outside of this collection of stocks remains fairly sluggish today.

We also have a novelty of a divergence in the form of junk bonds and high yield corporate paper---A "novelty" because of how routinely this bull market has shrugged them off. Still, if breadth reading continue to diverge from new highs on the Nasdaq I suspect all of that junk (JNK ETF daily chart, below, in clear downtrend and very weak today) inside the market's trunk may have something to say into the end of summer and specially the infamous autumn months. 

Wayfair (W) is a long idea we looked at recently, capable of a short squeeze higher above its IPO highs. In a broad-based, healthy market, plays like W "should" work well. So I am looking to see if more stocks get into the mix this week.