Tough Luck, Lonnihan

Seeing the Dow up triple digits again as I write this reminds me of some of the "setup" con jobs in the The Sting (1973), where nothing was as it seemed to the sucker or mark in the con. Specifically, small and micro cap issues continue to struggle mightily, with the IWM off by more than 1% and completely ignoring oversold conditions. 

Furthermore, biotech, retail, tech, and some healthcare weakness is now putting an awful lot of pressure on the energy rally to continue. True, some gold miners and solars are doing well today, as are select pot plays like IGC and CRBP setting up behind it. 

But those industries are unlikely to be able to contain a market pullback in the way the energy sector can. Hence, we must see if the likes of XOM all the way down to wildcatters like RRC can take the rotation baton and continue to run with it even as small caps sink further. 

As an aside, SFIX likely has a date with its 200-day moving average, below at about $27 now, before I would consider a stab on the long side.