What’s working and what’s not working, at least in the sectors that we follow, couldn’t be more clear. Let’s start with what’s working — gold and silver. $GDXJ $GDX $SIL fresh break-outs today not to mention the underlying commodities $SI_F $GC_F which are screaming higher. Oil and Gas remain strong ($APA $APC $NOV our favorites) with a special boost from the refiners $HOC $VLO $TSO $WNR breaking into fresh territory and continuing their recent strength. Coal acts great with our favorite $WLT making fresh multi-year highs today, we also like $ANR $ACI $BTU. Ags not at highs but are coming back strong and our favorites here are $CF $POT $MOS and $AGU. Miscellaneous leader momentum remains strong as stocks like $LULU $OPEN $CMG $NFLX are close to highs. Copper $HG_F is missing in action somewhat but holding its own and refusing to distance itself from the 100SMA support. Rails act great with $UNP $NSC $KSU all looking solid. Small caps are rockin and rollin as the Russell melts up on daily basis.
What’s not working? Basically financials and tech. Financial sector dead money right now even though we hope this changes if $GS can break through it’s trend-line. Semis have been laggards even though they got a little juice today from the $TXN $NSM news but still need to prove themselves. How? A close over the 50SMA (35)and continuation up tomorrow on the $SMH would be good for starters. Network related stocks are also still in the dumps as recent darlings $JDSU $FFIV still can’t find traction. $AAPL has lost its mojo even though today’s bounce on the 100SMA was impressive. $GOOG dead money right now and acts bearish.
And of course let’s end one more that is certainly not working, the $USDX as this poor currency chugs along downwards losing a bit of value every day.