kaltbaum premarket

First off, I received a good email asking me how one could have avoided CMG being down $75 in the premarket. One needs to know CMG has been a teflon stock. No matter what they said or did, the stock would still ascend. For me, the only thing that kept me out of the stock recently is that CMG had lost its leadership characteristics with the 50 day declining and the action quite faulty. Also, I would note the action of 6/27 and 6/28. That was serious “big money crowd” liquidation…and frankly, I try to never argue with that type of action. So I think the stock gave you clues…not necessarily that the stock would be down $75 in the premarket today….but in recent action. Combine that with the fact the stock had already had a big run…and you get the potential of a big drop if the company says anything negative. If you own the stock right now, my rule would give it a few percent underneath the open and just get out. If you owned, hopefully, the gap is overdone and gets bought up.

 

Futures down decently…more on the s&p than the nasdaq because of goog and msft being up. ISRG is also down 30…sndk up 4 even though earnings down a measly 80%.

 

So…UNP is downgraded this morning. So let’s not play. I want to see how the stock takes the downgrade. Also, C is down almost 2% premarket…so we have to wait on that. Just notice that C,JPM and a few others have meekly rallied into resistance/moving avgs where you get the best place to short.

 

So…doing nothing premarket. I will advise if decide to do something intraday.