Full Circle Out of the Sky

Small, mid, and micro-caps are all outperforming this morning, and the likes of a post-earnings large cap biotech REGN gap higher is offsetting some of the glaring weakness in the likes of AAPL, again. Apple is breaking down from a well-defined multi-month range, and has been a short idea we have been discussing for a while. Into weak bounces, I suspect that will hold true. 

In addition, former momentum leaders like SWKS, in the semiconductor space, have been breaking down. Not unlike TASR, Skyworks confirmed a head and shoulders top lower with no mercy. We had several members play the short side inside Market Chess Subscription Services rather well.  And now we are looking to see if other key semis follow suit.