Taking Turns as Leaders

The small cap stocks in the Russell 2000 Index are back at it again this morning, leading a mild market bounce in front of AAPL earnings and the FOMC Announcement tomorrow afternoon. 

On the 30-minute chart for the IWM, the Russell's ETF, below, note the $114.15 level just above serving as some pretty obvious resistance despite the small caps clearly outperforming the major indices this morning. Until this chop box resolves, even with the small caps leading, it is likely correct to not put on too many new trades, especially with some big evens coming up. 

Regarding SRPT, the massive gap down appears to have thrown cold water in terms of sentiment on the biotech rally, at least for now, with XBI a clear laggard this morning.