Daily brief

Daily brief

Same read as the desk call. Sector versus the S&P, or no setup.

The call

Residual and relative chart agree. Only these get a view.

No setup.

Looked tempting. Not calling.

Residual is stretched. Chart does not agree, so no trade versus the S&P.

• Russell 2000 (IWM)no setup

  Residual is stretched, but it is not stretched against its own residual trend. No call.

  z -1.54 · 20d residual -2.59% · beta 0.82 · 20-day relative low

• Real estate (XLRE)no setup

  Residual is stretched, but it is not stretched against its own residual trend. No call.

  z -1.39 · 20d residual -1.61% · beta -0.13 · 20-day relative low

• Utilities (XLU)no setup

  Residual is stretched, but it is not stretched against its own residual trend. No call.

  z -1.3 · 20d residual -1.61% · beta -0.09 · mid-range on the relative chart

• Silver (SLV)no setup

  Residual is stretched, but it is not stretched against its own residual trend. No call.

  z 1.22 · 20d residual +5.74% · beta 1.51 · mid-range on the relative chart

• Industrials (XLI)no setup

  Residual is stretched, but it is not stretched against its own residual trend. No call.

  z -1.17 · 20d residual -6.83% · beta 0.85 · 20-day relative low

• Consumer staples (XLP)no setup

  Residual is stretched, but it is not stretched against its own residual trend. No call.

  z -1.15 · 20d residual -2.08% · beta -0.21 · mid-range on the relative chart

Quiet

nasdaq 100 (QQQ), materials (XLB), 20y treasuries (TLT), technology (XLK), gold (GLD), biotech (XBI), consumer discretionary (XLY), 7-10y treasuries (IEF), semiconductors (SMH), copper miners (COPX), gold miners (GDX), high yield (HYG), communication (XLC), bitcoin (BTC), healthcare (XLV), financials (XLF), oil and gas explorers (XOP), us dollar (UUP), energy (XLE), ig credit (LQD). Residual is not extreme. No view.