Swimming the Channel

A good visual for the choppy market action we have experienced of late, with bulls and bears alternating "ah hah!" moments where they think they have the opposition cornered only to find themselves in a tough spot, is the IWM ETF daily chart, below.

Those pesky small caps might be slightly lagging the rallies in the senior indices today, but you can see the well-defined month-long rising channel highlighted in light blue. Until that channel breaks, either way, we likely keep seeing this day-to-day whipsaw. 

As for the rest of the tape, the likes of CMG SNAP rallying sharply are seeking to offset post-earnings softness in NFLX. Crude is all over the place again. And gold miners are improving, once again, to little fanfare, which is just fine by me.