Very good comeback yesterday from the early depths…only to walk into another gap to the downside…just less so this morning.
The good news is that the RUSSELL 2000 again led yesterday which could indicate a broadening out. Small-caps have been lagging large-caps for a while. We shall see if that lasts.
The good news is that many leading names held the 50 day or 21 day moving average on the pullback before bouncing.
The good news is again, a good comeback from the lows.
The bad news is another gap to the downside as this China stuff could be meaningful.
Frankly, we would love to see a few weeks of nothingness to set things up better but markets could care less what we want or what we think.
The correction, so far, has been minor. Futures pop up nicely this morning as the fake jobs report will be out soon.
AMZN up $40+ because a fund manager is buying it.
BYND a $25 IPO closes at $66. The company has $87 million of sales, loses money but is given a $3.8 billion market cap.
Strong gaps this morning…OLED, SHAK, MELI, RMD, MNST to the upside. FTNT, ANET, FND, SWKS, GDDY, PLNT, CTSH, SRCL, EXPE gapping down. ANET was a leader…not any more. FTNT also looks like it is done for now.
Steve Moore out as a possible fedhead. Journalists were calling up women he knew 25 years ago asking them if he ever acted inappropriately towards them. These are actual people waking up in the morning to go out and try to destroy someone. And we wonder why we cannot get decent people running for office. I may write about my story over the weekend.
AAPL up 5% on a buyback announcement of more than 7% of their stock outstanding. Earnings were down 10%, sales down 5%…IPHONE sales down 17%.
AMD up more than 4% on earnings down 45% and sales down 23%.
There’s a lot of that going on, especially in the SEMIS, where the group is the strongest in the market.
It’s not the news. It’s how things react to the news. Futures up on AAPL and a few other good reactions. Selling remains limited. GOOGLE about the only big name hit hard on crappy numbers.
The FED today…blah blah easy money. Blah blah stand ready. Blah blah we have tools if need be.