A look behind the curtain, using financials as a risk proxy, and using stochastics-9 as a measure of short-term strength/momentum on the daily:
XLF includes all financials; sto 58 (above 50 is roughly considered bullish)
KBE filters out all the reits and insurance and etc., giving us a view of BANKS ONLY; weak under sto 50
KRE are our domestic regional banks; weak under sto 50
KCE are the brokers and money managers; weak under sto 50
Sure enough it is the reits (VNQ) and insurance ($GSPINSC is SPX insurers) that are showing the best sto strength
Hmmmmm….. when was the last time reits and insurance led us to new highs
Bulls need to turn this up, and soon.