Travel and Leisure's oomph was due to the strength in Airlines, the highest performing industry.
Here's a chart of the the Total Stock Market (CLICK!)
The last rally that formed the top of the much hyped head in a potential H&S pattern developed over a period of 8 weeks prior to correcting. We've just completed the 8th week of consecutive, positive weekly close on the broad market. With earnings season upon us, watching how the market responds to news will be important. The volume over this last 8 weeks has been lower than the previous run up to the last high as well as volume from the same time last year. While I'm not making any predictions, I would surmise that given this run up combined with the overall overbought nature of the market, there is vulnerability to negative news.
Let's also take a look at the sectors that have the highest short interest (data courtesy of FINVIZ):
As is usual, I've created a chartbook for you. You can find it HERE.
