Slow Action

Stocks had a few chances to outright crack this morning, but underlying bids in biotech and she financials seem to be helping the cause for at least a benign consolidation of recent gains in lieu of a sharp giveback. 

I am still treading lightly and tightly, watching the SPY Hourly chart, below, hit its upper resistance rail of the rising channel forming since the February lows. The VIX under 20 is becoming more enticing to me, in terms of going long volatility for a trade, but bears are going to need to do better than this and soundly reject us off that upper resistance trendline. 

Even laggards like TSLA are not completely rolling over here, instead just slowly drifting down. 

Finally, with copper and copper miner FCX breaking out further today (and quietly at that), we will run Members through some correlated plays to have on watch this afternoon in my usual Midday Video.