Dow Transports are now above their mid-August and late-Jan highs. IYT is over 207/share.
Today European stocks and the Euro aren't a drag, they are a tailwind. Showing strong RS vs most other ETFs.
QQQ hod today was exactly at the 20day MA, almost to the penny (182.36). Rejected firmly at that level. XLK and FDN both hit a hod that was just below their 20day MA.
Last edited by Daniel on Mon Sep 10, 2018 10:55 am, edited 2 times in total.
te_fern wrote:Took a small position in the Bios...
..always good to keep an eye on the small/midcap biotech ETF, ticker XBI-- it often leads its larger cap brethren by a few minutes on intraday moves...
te_fern wrote:Took a small position in the Bios...
..always good to keep an eye on the small/midcap biotech ETF, ticker XBI-- it often leads its larger cap brethren by a few minutes on intraday moves...
Daniel wrote:QQQ hod today was exactly at the 20day MA, almost to the penny (182.36). Rejected firmly at that level. XLK and FDN both hit a hod that was just below their 20day MA.
QQQ, XLK both holding well above their 50day MA... but FDN is already below it (50day and 20day about at the same level).
Daniel wrote:..always good to keep an eye on the small/midcap biotech ETF, ticker XBI-- it often leads its larger cap brethren by a few minutes on intraday moves...
Thanks, I'll have to check it out!!
As a general rule, a smaller-cap version of the ETF one is tracking will tend to move in the same direction but earlier--because it takes less dollar volume to move it, and because its holdings are usually bought up (or sold) in the same general basket of stocks.
A classic example of this is among currency traders, who will often watch the New Zealand kiwi as an advance notice of a move in the Aussie dollar...
AAPL intraday recovery over the past half hour has it back above its (strongly upslope) 20day MA.
NYSE breadth has stayed strongly positive all morning--but UP/Down volume has steadily eroded. This is a sign of large institutional dumping in specific issues.
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