PRE MARKET

Futures up just because….oh yeah, the administration took back what they said about China on Friday…just dont blink.

It is the end of quarter window dressing period where typically, nothing bad happens. Of course, window dressing is illegal so it does not happen.

The big 4 indices continue to trace out constructive patterns. Just need one big shot to break them out of range. Keep in mind, underneath the surface…not as good but if the big 4 break out of a big range, will be quite important heading into earnings.

And one other note…the SOX also trades constructively at the highs as it had a normal pullback at the highs. If it can break out with the big 4…big news.

PRE MARKET

Futures down this morning but not much. A few notes:

GOLD/SILVER look like they have found support off the recent pullback. Would love to see some time put in at or near these levels.

BONDS bottomed recently after some corrective work. Lower yields on the long end have not been received well by the market…so far.

Before Friday, there were 2 churning days, especially in the NASDAQ. Friday added some decent distribution. Watching the all-important SOX as 3 times into the highs still not getting through the highs.

Growth leadership…what growth leadership? Growth aint happening right now as money flows continue to find value plays.

ROKU…when you have a chance, take a look at the feast and famine chart. Lesson: always have stops in place…and the biggest drops do often come from the biggest leaders.

PRE MARKET

U.S.
ECB
JAPAN
ENGLAND
DENMARK
AUSTRALIA
RUSSIA
BRAZIL
INDIA
CHINA
HONG KONG
THAILAND
MEXICO
PHILIPPINES
TURKEY
SOUTH AFRICA
INDONESIA
KOREA
All are easing…with a bunch with negative rates. Not only do we have full employment but we are NOT in recession yet we are still easing and amazingly, “MAY RESUME ORGANIC BALANCE SHEET GROWTH EARLIER THAN THOUGHT!” Yes…Powell going to print money. One has to believe markets will not be unhappy with all this. The big 4 are nearing old highs. Internals not even close but they could improve if the big 4 move out.

PRE MARKET

Futures down a wee bit. Considering FDX down $19 and ADBE down $9…that’s not bad.

Blah blah blah the fed today. Blah blah blah easier money…blah blah blah.

The OIL gap on Saudi news quickly unwinds.

PRE MARKET

The big story is oil prices and what to do. We freely admit that we dont know. The news is fluid. Normally, we would tell you this move will be fleeting but if the Saudis come back and state it will take a long time to get back on line, that would be less than thrilling.

The fed tomorrow. We were in the camp 1/2 point cut when rates were below 1.5% on the 10 year. We now believe 1/4 point as the 10 year is back up to 1.835.

Markets have loved easier money for over 10 years. This year is the same. Every pivot to easier by the fed coincided with a market bottom. This time?

Markets are quieting down in here as the big 4 approach the highs. There is nothing wrong with this.

Down and out SOFTWARE woke up yesterday but most all remain below resistance/50 day average with some below the 200 day…but they are higher beta.