Only small caps looked slightly more negative.
Index investors are even more eager than before to buy QQQ/SPY.
Both Volatility ETFs VXX/VXZ are heavily sold.
The only change that we noted in the past days is related to lower US rates combined to higher US$ against all other currencies (and gold too.)
Conclusions:
We all know that this will end up with a pullback-crash-strong selling-bearish move, but at least the above data is not telling us that such a move should be expected today or tomorrow. It this down move occurs, it will be due to something unexpected (For example some fake accounting issue on one of the FANG stocks or unexpected very negative guidance for AAPL.)
For now, buying opportunities do not abound, but PRAA, MKC, QEP and KLAC could be interesting.
On the short side, MNST and SBUX also look interesting, but I would avoid shorting unless we see some general markets Money Flow negativity.
