If They Go Down, They're Taking Us with Them

Despite the Dow up by triple-digits this morning, thanks in large part to UNH rallying on Trump Administration news, plenty of names on my screen are red with little in the way of an inspiring bounce yet. Small caps continue to be a good day-to-day "tell" for risk appetite in this market. So it is no surprising to see the IWM ETF down by about 0.8% and acting like a better litmus test for today's session than the Dow. 

That said, it is still early on in the session. And dip-buyers may step up to the plate once again and use the early weakness to their advantage, especially if IWM can climb back over $155 this afternoon. In addition, IWM remains above both its 50 and 200-day simple moving averages, denoting clear progress since late-June. 

As for relative standouts, solars continue to impress--Especially domestic solar stocks. One would not think the Trump years would feature solars doing particularly well. But the charts virtually across the board have been persistently strong since the spring months. RUN is just one example, and perhaps the best one at that, of an up-and-coming domestic solar which the market has clearly taken a liking to for a while now.