Dow, S&P, Russell … all outside down
Three markets with key reversals and the biotech sector (SPBIO) posting an inside day.
One other (less followed) market of note with outside down, was basic materials (DJUSBM).
Gold’s (GLD) upward thrust from Thursday the 29th, continues to erode.
One gets the sense that it’s slipping away for the bulls.
SPBIO price action shows the most probable direction is lower.
Expectation for the next session, is for some kind of downside follow-through along with lower market action overall.
Current positioning remains unchanged (not advice, not a recommendation) being short the biotech sector via LABD.
Market updates for the week will be limited (as the result of travel) and will resume with technical discussions by the week-end.