Reflex rallies on the major indexes had to be expected. The Dow posted accumulation, the Naz and S&P did not. Bear bias sticks.

Potential upside leadership in play the following Sector ETF’s trading decisively above their major MA’s:

• XLP, Staples
• XLV, Healthcare
• XLU, Utilities
• IBB, Biotech

The first three represent defensive positioning. But Biotechs are aggressive, a good gauge of sentiment, and a strong vote for the Bull’s cause.

Stay tuned.