Power being restored. I am one of 4 houses in community still without but hopefully soon. Go to my twitter feed to check out amazing pictures at my house. A bunch of big trees down but amazingly, went down away from the house instead of on the house.
Great day in the market yesterday. Last week, major indices held support. Now they get a chance to move out of range. S&P has already edged out.
I received dozens of emails claiming yesterday’s action could not happen with so much crap happening here and around the globe. Well…dose of reality….is that reality is price…not what anyone thinks.
I will have big update tonight from wherever I am. Yesterday’s action could be the start of another leg up…but let’s get confirmation.
Well…made it through 100 mph winds last night…and a ton of rain. Not so sure how well rest of Florida did. Keeping fingers crossed. You can go to my twitter feed and check out some of the video I took.
And we must not ever forget what day this is…16 years ago today…amazingly it has been 16 years. I still remember where I was, what I said, where I walked, what I thought and that whole day when this country was attacked. I guess the cliche’ is never forget…but it is not just a cliche’ with what happened on 9/11/2001. Our prayers remain with all affected.
We told you yesterday market was right at the place where it has been defended for weeks…and simply put we get a nice gap to the upside. Let’s see if it holds or if something can build off of it.
Offices today are at a hotel near Disney as all buildings in downtown Orlando still closed.
And as of now, we will be able to do radio today.
Hey…how’s your day? As I write this from my hotel room near Disney at 830 pm et, we are being battered with gusts about 75 mph…and feel lucky. Talked to my bestest of friends in SE Florida today…hit with gusts over 100. One had two big trees on his roof…and that’s for starters. Watched SW Florida…yikes! I must tell you I have been through a lot of these but not sure as I watched Fox News and the magnificent Shepherd Smith today have I ever seen a storm cover the whole state. One can correct me if I am wrong but don’t think we have seen one this big. The family is quite happy we made the decision to go to a big resort hotel as we found out we lost power at home. And my dogs Cosmo and Winston are thrilled as there must be 200 dogs in the hotel. The drive to the hotel felt like the end of the world as I think I could count on both hands how many cars were on I-4 as we made the drive to the hotel.
We have now been quarantined in our rooms until 8 am. There is a lot of glass windows in the lobby as well as the roof. Just sending big wishes and prayers to all affected here in Florida and of course those affected by Harvey. I suspect we will wake up tomorrow to lots of damage. Kudos to Governor Scott as he showed great leadership this whole week. Many were already planning for the hurricane last weekend.
As far as markets, just letting you know this is exactly where markets have been holding the past few weeks. Tease the downside and hold. Tease the downside and hold. I would not be surprised if we rally off of it but am suspect to how much we can rally when financials are acting so poorly and internals have been on the poor side. But again, if they can’t send em down when they are weak…
As far as financials, it is important to note the group is one of the two most important groups we follow, the other being semiconductors. Both are great harbingers of things to come. I am not sure I have ever seen a market hold up when both are in bad shape. The SEMIS are still hanging in there but must be watched as they are not trading as well as they did a couple of months back.
Noticing a few things showing up on the radar.
Drug stocks…yes, some of those stodgy drug stocks are now breaking out, joining the recent move in BIOTECH. I don’t think they can go much as growth rates are basically nil.
Utilities…a bunch into new highs with others about ready. Look no further than a 2% 10 year for why.
Gold and gold stocks continue to shape up but now need some pulling back or some rest.
The Giants game about to start. Looking out the window seeing a big palm looking ready to keel over. Stay well! Stay safe! And as I have been saying every day at the end of my radio show since the Columbine incident…MAKE SURE YOU HUG YOUR CHILDREN! Has even more meaning this weekend!
Futures flattish but a few things:
ECB will continue to print a trillion/year and keep rates negative “well past the horizon of their net asset purchases!” In other words, if they ever stop printing money, negative rates forever. They know not what they do as they think they are heroes. When the world prints trillions to buy assets, asset prices go up…until they are stretched…and then…
We are preparing for Irma. Those in South Florida should have already been done. Gas is limited. Traffic is congested. Here in Orlando, if the track stays the same, the eye should be around Daytona Beach 2 am Monday morning or surrounding area as it passes. Expectations are that Irma will be a CAT 3 or less as it moves over Florida. We expect gusts up to 100 mph with lots of rain and possibility for tornadoes. South Florida and the Keys look to be much worse. Here is the best view. It is updated every 3 hours. http://www.nhc.noaa.gov/refresh/graphics_at1+shtml/120644.shtml?cone#contents
Stay safe. Do not screw with this. Always err on the side of caution.