Less Flash, More Substance

On the back of yesterday's rally, of which we have seen similar types of sessions in recent weeks, we also have seen similar types of givebacks the following day. Indeed, some more substance to follow-up the rally and bullish setups would be favored for long-minded traders.

Instead, despite some good action in biotech, again, the market is mostly probing some levels below as tech gets hit, notably the chips. Poor CMG guidance the stock's selloff seems to be wreaking havoc in the restaurant space today, to boot. 

Moreover, the small caps, below on their ETF's daily timeframe, likely need to keep finding buyers at the $140 area to keep the imminent bull breakout thesis intact. 

As always, we are tracking the relative weakness plays in case the selling picks up. For Members, Disney has been a short idea for a while now. On the other side, the relative strength in solars like RUN VSLR is stealing the show from the two more visible domestic solars, FSLR SPWR. 

Overall, the price action today is slowing me down on the long side. More in my usual Midday Video for Members.