NDX futures up decently…S&P futures just above flat. NASDAQ/NDX continue to get the money flows.
Gaps to downside: LOW, TIF, AAP, DY, BG, UHS.
To the upside: INTU.
BG was rumored to be bought yesterday…says no rumor today…gives it back. Be careful!
AAP adds to the auto parts retailing misery after AZO being smoked yesterday.
Watching to see if commodity areas sold out for now. Seems like bounce has started but need some more cards come out of the deck. Seeing insider buying in X and CLF.
Otherwise, last Wednesday’s yonking almost a distant memory.
Tonight…I will be writing about one of my favorite movies THE STING and how it equates to the reporting on Trump’s budget, government spending, the size of government and all that crap. There is a great con game going on.
Not a lot to take out of market today.
Yes, the housing stocks reversed down on good earning’s news.
Yes, the financials were strong as long rates backed up.
Yes, leading growth names as well as the semis pulled in.
And yes, Autozone (AZO) was smoked. We had been telling you to avoid almost anything auto-related.
Other than that…after what happened in Manchester last night, make sure you hug your children!
We dare speak the truth on budgets and federal spending and deficits and debt.
Futures are up. Europe is up. The UK is up. What? How can that be? We just had another terror attack. This one targeting innocent children and teenagers. All they were guilty of was attending a concert for one of their favorite pop stars.
First off, our prayers go out to all affected. Unfortunately, no matter how good surveillance and security is, these scumbags are in the weeds. These scumbags can just go on the internet to figure out how to make a homemade bomb. Frankly, we are surprised there isn’t more of these incidents.
As far as markets:
The shock value! Through the years of a decent number of these attacks, have worn off. Markets do not sit around thinking an attack is about to happen but markets now know there is a chance of one happening. The more they happen, the less the shock value. Sorry to put it in these terms but it is true.
The F.U. effect! Yup…markets have their way of sticking a certain middle finger in the air at these scumbags. It’s their way of saying F.U. You are not going to stop is. Yes, markets do have a life of their own.
The world will go on! Again, sorry to put it in these terms as many are suffering in the worst way today. But it is true. The world does not stop.
More than half our market is in a bull market and European markets have been strong. That does not change so easily. If markets were bearish worldwide, we think there would be a bigger effect in the near term.
More importantly, we are sick over another incomprehensible attack and our prayers go out to all affected.
There looks like there was a terror attack in Manchester, England at a Arianna Grande concert where it is being reported many dead and injured. This is a concert where teenage girls flock. We are thinking of Manchester and anyone affected. We will back off talking about market until the pre-market report. Say a prayer! Teenagers.
We forgot to mention DEFENSE stocks gapping up on the news that President Trump cut deals with countries in the Middle East to buy a bunch of stuff. This gap will take a few names out of trading ranges.