Leave the Gun. Take the Steak

Bulls continue to defy top-callers as we work through the late-afternoon portion of today's session. I am mostly looking to stay out of trouble on the short side, for now, until I see some more meaningful signs of buyers losing their grip on the action. While some sectors like regional banks are well off session highs, biotech has staged a solid comeback after being the glaring laggards for a while there. 

Commodities and global materials largely look a bit tired and seem ripe for some digestion into next week before a more attractive long entry potentially awaits--We largely spent this week trading in and out of that complex. 

As for fresh ideas, I will cover them fully for Members over the weekend.

In the meantime, note the winning firearms makers, RGR SWHC, are reversing down this afternoon after steep rallies. SWHC, on the first daily chart, below, is printing a textbook reversal candle at overbought after a monstrous rally. A tactical short with a stop over $30 makes sense.

And on the other side of the tape, some of the steakhouse chains are acting better. TXRH is still basing high and tight after an earning run-up of its own. I would look for a move over $43 next week to go long.

Leave the guns, take the steak. 

Have a great weekend!