Looking at the situation in ES, I think that we still have more upside to run. Now short, term we were oversold with the plurality coming in at a reading near 6.

What does that mean? Typically we see a downside reaction. Especially with a higher open today. We have to remember that the risk levels from the sequential we created earlier last month were held and that the market is reacting positively to rates coming off slightly.

Also recall that we have monthly 9 DeMARK sell signals across the board on rates. I still foresee rates going a lot lower, possibly another 100 basis points in the 10 year this summer. In order for this to happen, energy would start to get hit.

What's funny is that we have been calling for a top in energy this month in anticipation of the turn in rates. That domino has fell. Now it is the bond's turn.

All of this means that growth will most likely outperform in the short to medium term. ARKK has a monthly 9 buy setup. The first one ever in the fund's history.

You can pick your poison on the growth side. I think its hard to go wrong with large cap growth tech like GOOGL and AAPL here on declines. Facebook has a monthly 9 buy setup. The stop would be on last week's low