Not much change!

New lows new highs did turn for the negative, but still consolidating.

I still see a lot of Industries outperforming the SPY, not too much higher beta ones, but enough to say, this is not a market crash. Even Semis are showing some strength (they do not need to show a ton of strength to be significant).

Looking at the performance of MSFT, Tesla and co: Yes, it is terrible, but that was the case also just before the market turned in October! So, for me this looks like strength, who would have thought that those names tank and the SPY is holding support? Everybody said, when those names go, the market will tank. This is not the case! And that means something!

I am not saying to go long the SPY here, what I am saying is, it is o.k. to play leading themes, nothing more!

McClellan / Breath T2108 turned up, the SPY looks weaker than it is from an internal perspective.

Watching stuff from 42macro.com and other macro services: Recession will come later in the year, even the start of next year comes into play. Fed will raise more aggressive than the market expects. I agree with both.

That also means we are going to have chop during the first half of the year and within that chop you can play leading themes and leading stocks.

So, it is o.k. to play breakouts which work within biotech and China names.

Here is the stock list from today: