Breaking down the leaders and laggards

All the buzz is positive on the trading day, but when you break it all down there is still plenty technically that shows more work to be done. There were positives on the day as well as some negatives. The following is a list of leaders and losers with some brief thoughts on each. They may offer some opportunities as we move forward, but then they may not pan out either. The goal is to put the whole story in perspective of the move.

India (SCIF, INDY) bounced back from selling and making push back towards the previous highs. One of the leaders for the global markets.

Gold (DUST) downside gaining momentum as the miners sell off and break support in gold.

Russia (RUSS) downside for Russia regaining momentum as the short ETF breaks higher.

Financials (FAS) upside momentum in the banks gaining and worth watching longer term as well as short term.

Regional Banks (KRE) nice upside confirmation of the move today and looking to break through next resistance point.

Solar (TAN) sold lower, tested support and attempting to regain upside momentum. Watch to hold support above $43 and move higher.

Small Caps (TNA) made move back above 1160 on the Russell index and still questionable, but looking for upside follow through.

Energy (ERY) support is back in play after small bounce. Bias is to the downside, looking for the short trade to develop.

Crude Oil (SCO) short side in play again as the downside returns. Weak demand outlook and stronger dollar playing havoc on the commodity.

Semiconductors (SOXX) upside in play again with break to new high. This is key as growth stocks are the big question mark.

Biotech (IBB) upside move, but remains in the trading range. Need to break higher if this is going to continue the upside move.

Natural Gas (UNG) stuck in the trading range and need to see a clear move in either direction. upside bias heading into the winter months.

As you can see there is plenty to consider going forward and each offers some interesting relative to the technical setups and the fundamental drivers. Be patient and let these stories unfold in light of the broader market indexes. One day at a time is what our focus should remain for now.