Bullish Major Sector ETFs Nevermore

Raven-the sarcastic, deadpan demon girl who’d rather be left alone

I found her lying in the street in NY.

Raven, a prominent member of the superhero team Teen Titans, was taught to "control her emotions" in order to suppress her inherited demonic powers.

Today, she may have lost some of that control.

The selloff in every sector except for long bonds, utilities, metals, sugar, coffee, cotton, and cocoa (do you see a pattern here?) looked a bit demonic.

The worst hit of the indices was the Russell 2000 IWM, along with many of his other Family members.

Semiconductors SMH, Transportation IYT, Regional Banks KRE, Retail XRT and Biotechnology IBB, all declined by between .90 and 2.30%.

Given the number of times I have posted the weekly charts of the Modern Family, I may not be Raven, but you cannot say I have not tried to warn you!

(Click on image to enlarge)

Since I covered these charts yesterday, I just want to point out three notable features.

Biotechnology was a bright spot yesterday. Maybe because the perception is there will be no enforcement of price gouging as promised, IBB is holding onto the 200-week moving average (green line).

Semiconductors SMH, after weeks of holding above the 50-WMA (blue line), today has failed it.

Regional Banks KRE, touched down on the 200-WMA (green line). Now we will see if it can hold or not.

(Click on image to enlarge)

I also include the outperformers today.

Top left is the ETF for sugar. Although CANE closed unchanged, sugar futures are doing their best to bottom. Eyes here as one of the key indicators of an inflationary sea change.

The middle is the coffee JO ETF. Coffee, with some rumors that frost in Brazil could impact the beans, gained. Futures must clear 94 to really get interesting.

Far right is the Utilities ETF XLU. As I write in my book, when Uncle Ute shows up drunk at your door, pay attention. XLU made a new all-time high.

Bottom left is the 20-year long bond TLT. Today, with the flock to bonds for safety and nothing but reports on low inflation, money flowed there.

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