Rough day but could have been much rougher. Major indices came back a decent amount off the lows. Just recognize, there is distribution up here. It does not have to mean anything. Just a point in time where the overall settles down and has normal pullbacks but:
TRANSPORTS now below 50 day. We alerted you to the weakness days ago.
SMALL CAPS again under-performing. Seems every time the market decides to give way even in the slightest, small caps lead down.
JUNK BOND proxies continued weak action. You know what we think of the ultimate outcome of this distorted market.
There were more NEW LOWS than NEW HIGHS on both exchanges yesterday. Wow!
And bullishness remains rampant.
The good news is that other major indices have hardly budged. Leading stocks, while some pulling in, remain strong.
NVDA gapping up this morning….again.
ROKU stood out for us yesterday. Strong sales growth but beware, still loses a ton of money.