It seems so long ago, but the last time the market was open for trading, it wasn’t a pretty picture.  Energy stocks popped and Utilities effed out a small gain, as more folks are skipping the notion of parking in defensive stocks and simply moving to the sidelines.

 

But it has been all defensive this month.

Growth Pounded

The big growth names, those mega cap technology darlings, continue to fall out of favor.  Most of this is associated with the spike in the ten-year bond yield.

Moment of Truth

I’m watching chips and media & entertainment, which are deteriorating rapidly.

The world’s future will be run through computer chips, and everyone knows this, so investors are pouring record amounts of money into semiconductor funds.Chips Ahoy (from current edition of Payne’s Perspective)

But chip stocks are being clobbered. The Semiconductor (SMH) must hold this double bottom, or it could take a bigger leg lower.

New Media

It’s amazing, Twitter (TWR) is so prominently in the news these days, as it’s the top holding in the IEME ETF.

 

The IEME has been ranged bound and must hold 30 or its possible to fill the  gap around 26.  Breakout above 35.

Portfolio Approach

There are no sector weighting changes in our Hotline Model Portfolio this morning.

This morning Bank of American (BAC) beat the street, but the initial reaction has been moot. 

Equity futures have come back from the depths of early pre-opening lows.

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