A Bit Too Leisurely

Despite some notable weakness this morning in miners, emerging markets, financials, and semiconductors, the oversold bounces we are seeing in retail and biotechnology/pharma issues are keeping leisurely bears from reaching their destination of meaningful market downside. 

Both XRT and XBI ETFs, for retail and small/mid-cap biotechs, respectively, are up anywhere from 1.5%-2.75% as I write this, indicative of latecomer shorts likely getting caught in the hole. Still, those charts are far from glamorous for serious swing longs, with much prior technical damage sustained and not yet reversed. 

But with the likes of KKD getting bought out, and HZNP gapping up hard after earnings, bears must play with a better sense of urgency to make any serious headway in the broad market lower. 

If the market holds as the morning progresses, we have our eyes on some of the hotter part of the tape, such as medical device plays. 

On the short side, it would take a more pronounced fade for me to start to hit some new ideas, but the major casinos like LVS and WYNN are lagging here and overall present attractive short setups.