Not much of a day today. We remain in the “Industrials weak, Nasdaq and Small Caps dominate” kind of market. It feels like January 2000 in that respect, as the old-school megacaps are getting left behind by the young upstarts.

Even with the IWM and QQQ so horribly strong, there is still a chance the S&P 500 (represented by the ES below) could carve out another leg down. The pattern of “lower highs” is still intact, in spite of all the green on today’s screens.

One silver lining today was that bonds started to weaken once more. Clearly the Global Trade War Panic(which lasted, what, about two days?) is over and the flight-to-quality trade is off again.