Today, at 5 PM EST on my Facebook page called: Mish’s Market Minute Daily, I went live with the first of six cartoons that represent the Modern Family.

Coincidence or not?

The Russell 2000 must like the publicity and his character depiction as IWM made a new all-time high!

Now, Gramps was not alone.

The S&P 500 and Nasdaq continued their rock goddess status and also made new all-time highs.

Reason to celebrate?

We think so.

After all, on the heels of the Health Care Act’s failure to launch comes the hopes of getting a tax plan through.

Yet, should we worry that not all members of the Family participated in the joy?

Transportation (IYT) fell by .59% mainly due to FedEx’s financial impact after last month’s cyberattack.

Unfortunate after a top and bottom line beat on earnings.

At this moment, concerns for the rest of the market after IYT’s selloff seem premature.

IYT has the rest of July to prove it can close above 172.50-the monthly channel resistance line.

Regional Banks (KRE) reflect the softening of interest rates.

The sound and logical question on how much faith the Federal Reserve has in a growing U.S economy relates to whether they stick to the plan to raise interest rates.

Meanwhile, IBB gained although could not close over 320.

Semiconductors (SMH) has a way to go to get to the recent highs, but at least, she is above resistance at 86.68.

Circling back to today’s star, Granddad Russell 2000 can still provide us with a mind numbing runaway gap.

Nowhere near overbought, that would certainly give us 2000 words and stocks to mull over.

S&P 500 (SPY) 245 now pivotal. Maybe not a strong runaway gap, but still a small gap up today if holds

Russell 2000 (IWM) New all-time highs but still under the monthly channel resistance. One gap higher over 143.25 would fix that. 141 now support

Dow (DIA) 215 pivotal support. Would have done better if not for IBM

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