The biotech sector is just pointed out below as a mere example of how the markets are traded these days.
Fixed income continued being under pressure, although selling is not really strong. However, the simple fact that no new money comes into fixed income is enough for a lower price discovery.
This does not tell that these sectors have reached interesting buying prices. It only tells that markets can and will change fast once liquidity dries up.
And liquidity seems to be drying up on the QQQ/SPY ETFs... Even worst: large sellers are getting out.
Conclusions:
Markets still look poor in terms of liquidity. They are still getting support because it is necessary that December closes nicely.
