A FEW MARKET NOTES

FINANCIALS (XLF) edging out of a few week range with a few names like BAC, JPM, WFC ascending out of short bases. Keep in mind, they all start reporting late next week.

DOW stuff:

IBM just off an upgrade yesterday continues on the move with their crappy numbers.

MMM off the 50 day.

AXP edges above short range.

JPM as mentioned. GS off support.

DWDP also moving out.

3 days of the boys back in town. One could say overbought but when has that mattered recently.

Tomorrow the fake job’s number.

PRE MARKET

We shall be short as to not confuse:

Big institutions representing the big money came back from the holidays and are buying en masse with the NASDAQ again leading the way. Never argue with the big money. Strength remains in commodities, oils, housing with many semiconductor names waking up from weeks of dormancy.

PRE MARKET

Our latest theme from late last year continues this morning. A weak dollar has commodities and emerging markets strong out of the box. We are always ready for changes in market conditions but right now, all pullbacks in commodity names should be looked at.

A late dive on the last day of the year is being somewhat erased this morning. We will leave that at that.

Keep in mind, January, very often is a pain in the rear. Not necessarily going down but we have seen more than a few whipsaws as we head into the 4th quarter earnings report. Stay tuned.

PRE MARKET

Futures up decently this morning as trade remains quiet into new year. Still…nothing that resembles even a 2% drop.

Bitcoin getting hit today. Some of those “questionable” companies that changed their names in the midst of going right back where they came from. We are in hopes you were not the last ones in on these names that were propped up on nothing.

A bunch of OILS pulled back yesterday, some actually stayed up. Keep on screen as we think the move is real. We hope there is some more time and price on pulling in.

FINANCIALS resting…nothing wrong with that.

RETAIL remains strong…they were dead for so long but now leading.

SEMIS remain dormant…with just a few names above 50 day. All this is at this time is an intermediate-term correction, nothing more. Will let you know if it worsens.

 

PRE MARKET

Looks like it will remain quiet rest of week.

As stated, ENERGY/OILS for real but only on some pulling back here. Many names extended from the past week’s move.

For the first time in a while, GOLD STOCKS are better. They have been dormant. We shall see if they get going. Supposedly, January a good month for them.

We remain wary of most SEMICONDUCTOR names. Most trading below resistance and the 50 day average.

FINANCIALS pulling back/resting. Look fine.

RETAIL en fuego. Wow…many with crappy numbers but market thinks things improving. Recent gaps to the upside have worked in LULU, KORS and now TIF. We had our doubts.