Futures flat. The big story is TESLA (TSLA) down $29. ANOTHER case of a company that cannot get their story straight. If this was not an Elon Musk-run company, think the stock would be down another 50%.
Overbought is not the word here…it is beyond overbought. That is good and bad. Good because to get this overbought tells you how strong. Bad because this is a market that has been feast or famine. No in-between. Earnings in droves soon.
Market was better than DOW down 80 yesterday as TECH again held the bid.
Gapping up this morning as world markets do well overnight on more talk of a trade deal. We will let that stand because we have been hearing that for 18 months.
But price wins out. Major indices move above range. Industrial-types getting a bid and coming up right side and bond yields are backing up a bit.
All this while talk of recession pervades the air. There is no way recession coming if markets are doing what they are doing. Markets are very good at flushing things out.
Everything economically sensitive made the move yesterday…simple as that. RAILS, INDUSTRIALS, TRANSPORTS…
RATES backing up off of oversold conditions…FINANCIALS strong day off of. Basically a quick U-turn.
The S&P edges above a handle range.
All this because of “supposed” China numbers. Okee dokee!
Walgreens not helping DOW this morning…down $6.
Boeing big help yesterday as they software coming soon…but this morning…may take a little more time. The stock looks like it has bottomed.
LYFT trading under $66 this morning…$72 IPO opened at $88.60. How do you say MIS-PRICED?
Yes…we will mention this…BITCOIN opening up above 4 month tight range at its lows. We were in front of the “coin” carnage telling anyone who would listen that this stuff is worthless. A ton of the “coins” are now pennies. or less. As technicians, we will continue to cover if it continues to recover.
Lastly, after just two days ago, the president saying the Republican party will be the party of healthcare, the president punts and now says nothing will get done until after the 2020 election. We will leave that stand on its own.