Let's Take Our Cues from Coffee

Even if you have no interest in trading, let alone tracking, the coffee commodity, the ETN, below on the daily timeframe, illustrates what bulls want to see in many equity sectors which have broken out. 

Specifically, banks, steels, small caps, and other hot sectors like some retail plays became short-term very hot, not unlike coffee did last week. A multi-day pullback, even shakeout, is a risk for new longs up here. But the larger issue is identifying a lower risk, secondary entry point on the long side for a new leg higher. After all, we want to try to ride the meat of a move if we can. 

And, to that point, JO is finding support today right where it needed to at prior resistance which could easily yield newfound support. 

I am looking for similar technical action in the likes of TIF, in the retail space, and many others. 

Finally, crude and some oil stocks staged a decent reversal to green today. There are some notable plays I will highlighted for Members tonight worth tracking along those lines. 

See you after the bell.