New Highs

The Nasdaq and SPX broke out today to all-time highs led by tech and financials. Volume in the QQQ was on about 40% less volume and volume in SPY was on about 40% less volume. The VIX was also green on a risk-off day. Call me old fashioned but I like to see breakouts on huge volume.

The financials, both XLF and KRE poked above lateral and downtrend line resistance by a little bit today. KRE +1.0% and XLF +0.5%.

GOOGL and BYND both got clocked after earnings after the close. GOOGL has rallied a good way back, but BYND is still down about 6%. The bigger story on BYND is that it’s IPO lockup ends tomorrow with 80% of shares available for sale. Many insiders are up about 300%. We’ll see how much they love fake meat in the days ahead.

The Russell 2000 still has a fair amount to go before it tags its all-time highs but I bet you didn’t know that the Russell 3000 (yes there is one) made new all-time highs today.

Biotech (XBI) broke out of that downtrend line, which is bullish, but the volume was a little light.

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