We can see below that the NQ8 and the tech sector both attracted money back yesterday. Not too impressive, but this is market positive as these are leading stocks/sectors.
The more traditional XLF is weakening though.
Interestingly, the PM and materials stocks continue attracting money.
On the other side, even though the cumulative Ticks was still positive, money continued moving out of the small caps. Investors are afraid of the coming earnings season.
Note that the retail sector looks good here. probably pushed up by AMZN
The 10Y rates still point down, which is basically what supports high equity prices, at least if the NQ8 stocks do not miss next week.
Conclusions:
Not looking at shorting the markets here. I believe that most NQ8 stocks will beat estimates, but that prices will not gain much. The next few Months carry a slightly bearish seasonality. Better be prudent and maybe balance one's portfolio going into August/september.
