The changing of the guard we have been writing about made itself felt even more yesterday. For almost a year, it was easy to tell you to avoid foreign markets, value, commodities, transports, small caps, mid caps and oils. They are now coming on like gangbusters. A ton of stuff that have been sitting at new yearly lows have jumped. Normally, we would tell you this is not good news but so far, it is only good news as the only area suffering is the high growth names. We have told you they look to be done for now, notwithstanding vicious bounces which we could get at any moment.

Charts have shown growth versus value were at the most extreme levels in ages. This looks to be a narrowing of that extreme.

Overnight, the president changed his mind for the 50th time on tariffs which had futures moving before giving some back. And now, the ECB is going to print more money and buy bonds as well as lower rates. Yes…they are doing this even though rates are negative. So screw the savers and do something that will not help your economy one iota. Maybe you want to think about lowering taxes, lowering burdens and getting the size of government and the hand of government out of the way in order to get things going. Instead…CONTINUE TO DO WHAT HASNT WORKED. Just ask Japan.