Hot Cocoa Season or Something Like That

Equities are mostly well off session lows as I write this, though the Nasdaq is still down by more than 0.5% and a further late-day slide can certainly not be ruled out.

As always, on days like today we will be focusing for Members on relative strength outperformers in case equites immediately turn back up and burn bears again. I remain reticent to mix it up much on the short side until I see some more signs that dip-buyers are bound to be punished. 

So while it may fun to beat UAL while it is down, and now even AAPL is coming in hard, the reality is that bears have much work head to breach even modest levels, like IWM's $148.50 and 2550 on the S&P. 

Elsewhere, cocoa is breaking out on strong buy volume. There are a myriad of reasons as to why the commodity is breaking higher. But what matters most to me is the heavy buy volume on an otherwise thin ETN as price breaches its massive base bottom to the upside. Keep an eye on coffee (JO) to see if it follows suit, possible sugar too.