...starting to see a more defensive trade below the surface with low-vol stocks breaking out, while high-beta stocks are breaking down.
PremiumAs the SPX continues to churn in the 7400-7500 range, BTIG's chief technical market strategist, Jonathan Krinsky says we are starting to see a more defensive trade below the surface with low-vol stocks breaking out, while high-beta stocks are breaking down.
"...the extreme volatility, combined with historic dispersion as signs that a broad-based pullback is likely underway."
...we have never seen price and breadth move in opposite directions more than we have this year up to this point.
Options traders are seeking clues on whether more volatility may be ahead.
Traders are buying up protective puts or selling covered calls against the S&P 500, says Scott Nations of Nations Indexes.…
Back to 1996, SPX has never had six straight positive days when every day had more decliners than advancers...
...historical pattern suggests that “everything rally” can fade into concentrated leadership following the initial impulse...
