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.


It’s not the news, it’s how the market reacts to the news. The news today was the fed maybe, possibly rolling back some of the trillions they printed. These printed trillions, in our humble opinion, were the juice that moved markets. Take it away and…you never know.


Wednesday was just one day but it was one heck of a reversal day off of a strong early day. Not only was it given all back but all back and more. And volume was quite heavy.

Regardless, we continue to watch the poor patterns being traced out in the financials…and now we watch whether the 50 day moving average for the major indices can continue to hold. It needs to. Let’s pay close attention to today’s action. Again, it is just one day but one day in the midst of a  5 week pullback.


Payroll numbers continue to get better. This morning, it continued as ADP reported March numbers. The US generated 263,000 jobs, beating expectations of a 185,000 gain. This was the highest number since December 2014. Manufacturing numbers continue to soar. Trump effect? They will tell you so.

Panera Bread (PNRA) indeed gets bought as JAB Holdings pays $315 in cash.

Futures improving as the market gets closer to the open.


Let’s do good news this morning.

Major indices continue to hold the 50 day average off of this 5 week pullback. The pullback remains constructive overall though there have been a few sectors in trouble.

The financials have been hit below the 50 day moving average but have held this first move down. If the next move is up and back through the 50 day average, a low gets put in place. Financials start reporting next Thursday with C, JPM, PNC and WFC.

Commodities have also been under pressure now trading below the 50 day but like the financials, they are holding after the move lower. If they also can turn back up and above the 50 day, a low for them gets put in place.

If both of these areas put in a low, the 50 day pullback will be a definitive hold in where the market can get going again. Of course, we will need to see that first but it is not out of the question…at all.

Growth leaders still working. While we have seen a few go by the wayside, it is just a few.

The NASDAQ and NDX remain strong.

We will leave it at that. So far, a normal and constructive 5 week pullback into support. SO FAR.


Just a few things to take away from today.

A few names like NTES,NVDA breaking near-term support on volume. We just mark them off the card. Too many…then we will talk.

AMZN, TSLA remain the bull of the woods in recent trade. Both extended here. AAPL just continues.

AYI blow up of the day into new lows.

PNRA back down $8 as maybe there isn’t a pending suitor.

The rest of the market sat. Nothing wrong with sitting as long as the 50 day doesn’t get taken out by the major indices.



Futures down decently this morning.

REMEMBER, we are watching financials to see if any other cracks in the armor show up. We are now in the 5th week of pullback/corrective work. So far, it is nominal but financials remain under the 50 day and remain on the soft side. Bulls do not want to see another leg down. Also, auto everything, except TESLA, are getting hit hard.

The good news is a slew of growth names act well..either continuing to move higher or just sitting after recent moves to the upside.

URBN and KATE hit this morning as retail/apparel remain horrid.