Napoleon Complex

Small cap stock are showing a bit of their insecurities today. After an opening move above $110 on the IWM (ETF for there Russell 2000 small cap-dominated Index), sellers stepped in and pushed the little guys below $109 at one point. 

As it stands now, on the IWM 30-minute chart, below, small caps are trying to stabilize amid a freight train Japanese Yen, weak biotechs, and some notably weak leaders like FB UA. I continue to key off $110 above as the hurdle for bulls to convincingly hold over in order to set in motion a fresh leg higher in equities. 

On a brighter note, the stars of the morning were in the XME, metals and miners. We have been largely focusing longs in that complex, and will flesh out some new and exciting ideas there for Members in my usual Midday Video.