Market Update….Dual Diagnosis

Expect high volatility to show up unexpectedly while this scenario plays out globally. These are times when a seasoned trader using discretion can shine. Mish’s Market Minute Advantage (MMMA) is the ticket for such guidance.

This week’s takeaways are:

  • Risk Gauges are all lit green and positive
  • Gold (GLD) held up well despite strong action in equities
  • High Yield and Corporate Debt (HYG & LQD) are showing decent strength
  • Emerging Markets (EEM) broke out above its 50 DMA and into a recovery phase
  • Speculative sectors such as Bio-tech (IBB) and Semis (SMH) are leading the bounce
  • Market Internals are very overbought short term
  • Sentiment (VXX) has calmed down but still needs to break below its 200 DMA to fully recover from its recent bought of anxiety
  • Volume this week was meek and not confirming price move up

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