Futures flattish after yesterday’s reversal. Remember, ugly reversals like yesterday do not have to lead to more downside. It’s just that the market’s internals topped out weeks ago so in combination, it must be watched…specifically if the financials take another leg down.
Not much movement this morning but we repeat what we said on radio…pay closer attention now, especially with yesterday’s action. It is noted that the fed’s thoughts about rolling back some of the printed money may be of import to the markets because the printing of money juiced the markets for a very long time.
Biggest gapper this morning is Constellation Brands (STZ) on the upside and back near the old highs. Costco (COST) also up on better comps.