We really thought coming into Friday, markets were ripe for a pullback as the herd had been thinning, indices were extended and a little too much froth. After Friday, we thought we had started a little corrective work. We did not think it would be troublesome because of how many names were working but nevertheless…AND markets gapping back up today. We’ll see if it sticks.
Starting to get some earnings…LULU gaps up. ABMD, INGN, FIVE gap down. Big FINANCIALS week for earning. Stay tuned.
Leadership in the markets, particularly TECH, INTERNET, SOFTWARE and all that continues.
We are sure you know Iran lobbed a few missiles last night but no casualties. On top of that, a Boeing plane crashed in Iran. We do not know why.
Futures were down 400 but have completely flipped. As we write this, the DOW and S&P are up a wee bit but off the highs of an hour ago…but an amazing turn. OIL is down even with the event. GOLD is up a wee bit.
We gather there are more chapters to write on this event. We are just keeping fingers crossed there continues to be no casualties.
The market has had a few areas bending a little bit before this but most leadership has been firm. The SEMIS were strong yesterday off of raised numbers out of MCHP.
Going a little slower.