Only Some Are Having Fun at This Party

The slow action we discussed this morning is spilling over into the early-afternoon portion of the trading session. Even the sexiest of charts in tech seem to have the weight of the lethargic tape acting as a noose for now.

Biotech is still a glaring laggard, once again, in addition to the Russell 2000 small cap Index down down roughly 0.67% as I write this. In addition, financials are wavering towards red and are still sporting cautious charts. Still, some names like HAIN are impressive.

Moreover, natural gas is outpacing other commodities today. 

And the pipeline plays are perking up, with ETE surging over 16%. KMI is catching a nice bid. And we have our eyes on a few other plays to play catch-up, which I will review for Members in my usual Midday Video, coming up.

I also believe a worthy discussion should be had regarding Treasuries and the weakness over the last twenty-four hours or so in the rate-sensitive commercial real estate stocks. 

Overall, the strong action is contained to only a few pockets of this market. Bulls need a more broad-based fun time for the summer party to really kick into gear.