This is the status of the default T2 model portfolio with a top 1 screen.
Even in the face to today's market weakness XLE is still in the green and never underestimate the power of big oil to drive the markets...either up or down. We'll look at a couple pair trade setups that can help confirm the XLE trend next.
There's a lot of short interest in the markets: Here's an up to date list from BESPOKE.
Nevertheless, most of the CNBC talking heads are bullish on cyclicals, financials and commodities and bearish on treasuries. We shall see.