As the bid shifts back to the venerable likes of the S&P 500, certain momo leaders like the Biotechs and the Internets are hiccuping and others, like the Semi’s and Small Caps, are downright on the verge of breaking down.

SOX-SPX

RUT-SPX

While BKX-SPX flounders around trying to get its leadership back in alignment with interest rates, which we knew it would do eventually after going the wrong way the previous 2 weeks as yields dropped.