We forgot. We actually forgot to write our market notes yesterday. We would like to say we were in important meetings…or something kept us away from the desk. Nope. We just forgot.
Not much has changed. Even with the move out in range for a few major indices, other major indices remain range-bound. The DOW,S&P and the NYSE continue to sit underneath old highs. The only group we are seeing that is potentially emerging is HOUSING…but we are not there yet.
The most important outcome of recent trading continues to the good action in financials of all stripes as well as the move in biotech. If they continue to work, the market has very little chance of breaking down.
Since many are asking, Netflix 7 for 1 stock split is a good thing and not so good thing. The announcement will certainly juice the stock near term…but beware, quite often, large splits stop a stock dead in its tracks soon after. One may want to check out Mastercard (MA) after announcing its 10 for 1 split in 2014. Also keep in mind, these splits only happen after a good long run leaving the stock in a later stage position. In any case, pay attention to the action and everything else goes into the file manager.