The SPDR Barclays High Yield Bond ETF (JNK) and the iShares iBoxx High Yield Corporate Bond ETF (HYG) traded horribly on Thursday. So if you're in the camp that believes stocks, particularly small-cap stocks, need a strong high-yield market to sustain any sort of rally, the weakness in these two exchange-traded funds is reason for concern.
The SPDR Gold Shares ETF (GLD) made it to 104 during Thursday's session, but the buying quickly faded. If you're looking for a tradable turn in the GLD, consider sitting on your hands until, at a bare minimum, the ETF is back above 104. With likely resistance toward 105.75, getting gold off the floor won't be an easy task.
I'm frequently asked about Chesapeake Energy (CHK) and a handful of other beaten-down energy names. Unfortunately, CHK, like many in the space, continue to lose bid support on any halfway decent rally. The best advice I can offer to those bottom picking in the independent oil space is that bad things have a way of happening more frequently when price spends the majority of its time beneath the 200-day simple moving average. Put another way: It's often safer to be long stocks that are trading above their higher timeframe moving averages and have demonstrated that buyers have recaptured the balance of power.
Any trading or volume profile related questions can be posted in the comments section below, emailed to me at parkcityyeti@gmail.com or posted to my twitter feed @ByrneRWS
