Dancing Until the Music Stops

Bears put on an impressive performance this morning, bringing down the likes of Tesla even more and sending small caps down below the $140 level on the IWM ETF. 

However, as I write this the risk is that stocks simply drift on higher for the rest of the session without anything remotely resembling an ugly close and panic on the part of buyers. 

On the IWM 30-minute chart, below, for example, if bears cannot bring small caps down under $140 this afternoon things may get dicey for them into a gap up tomorrow morning. 

On the plus side for bears, beyond TSLA there are some notable selloffs in monstrous GE and YUMC, the China spinoff of YUM which may be symbolic given how hot China names have been of late. 

For now, we have a mixed bag and some summer doldrums at play. I am keeping net exposure minimal and have my eyes on some relative strength standouts.