Thank you.

Airlines have been & will likely continue to be dead money for a while. The major US carriers have been grinding around in a big, sloppy trading range for the past 5 months & I don’t see much in the charts that would provide any clues as to the direction of the next trend. Additionally, being long or short the airlines is a gamble which depending on IF & how much (if so) the next bailout package for the industry will be. Better fish to fry elsewhere IMO but maybe some others here can chime in if they see something that I don’t.
Financials have also been grinding around in a trading range for the past 5 months & other than some tactical swing trading opps when the charts set up, I think they will also be mostly dead money for the foreseeable future, particularly the banks. Do a web search using the terms “zombie banks, japan, & lost decade”. With the Fed pledging to keep rates on the floor for the foreseeable future, that doesn’t bode well for the banking sector.
Near-term, XLF offers an objective short entry on a solid break below this uptrend line -or- a rally into the top of the trading range while a solid & sustained breakout above would be bullish.

The recent breakout of that trading range in QQQ, especially considering how impulsive the follow thru was (a sign of confirmation of the breakout) puts the intermediate-term outlook (weeks to months) on the stock market as bullish. However, as I said recently, with just over 3-weeks before the election, I am now taking the breakout with a big grain of salt. Bottom line: If the elections weren’t right around the corner, I would say that the recent breakouts in QQQ & SPY would likely lead to the next leg up, including new highs in the stock market & that would be a headwind for an IWM short.
As anything is possible leading up to & following the elections (including a huge selloff or a huge rally), I would say a swing short (or long, for that matter) on IWM is somewhat of a gamble & even if you get the direction of the next tradable trend of 10%+ correct, I’d say there’s a good chance that the volatility leading up to & after the election is likely to clip the stops on both longs & shorts alike. I can’t think of a much better time to sit on your hands for the next month or so or at least focus on trades that aren’t very correlated to the stock market or what happens with the elections.
With all that being said, if I strip out everything that I suspect may or may not happen leading up to & after the elections -OR- the recent breakout on the large-cap indexes, I can make an objective case to short IWM here following the recent breakdown of this 60-min bearish rising wedge pattern. Arrow breaks denote support levels/potential targets.

I think this has something to do with it. Apple announce crazy new innovation of an iphone.