First Krauthammer! Charles Krauthammer passed away after a long bout with cancer. I noticed something in the past few days. Many people wrote about him starting with “I never met Charles Krauthammer but” or “I only met Charles Krauthammer once but.” I could not find one even remotely negative opinion on a man that so many didn’t even know. In fact, they all loved him. I am one of them. I never met Charles Krauthammer but he was a tremendous influence on me. There are certain tv rules in my home. No one can watch a “housewife” show. No one can watch a Kardashian show though after what Kim Kardashian just did for the incarcerated woman, I may relax that rule. The other rule was I never miss Charles Krauthammer. If I could not watch live, I would DVR and always fast forward to him. If someone would start talking while he was talking, there would be a loud shush. No…I am not a bad person, maybe just a tv dictator. I loved the man’s thought. I loved his humor. I loved his tempo. I loved that he never had to shout someone down. I loved that he could completely disagree with the next person but do it with class and do it with a smile. I loved his logical conservatism. I loved his tone. He was a great inspiration as I whine when I catch a cold while this man not only lived but a lived a great life after a terrible accident. I would tell you we could only hope that all the nastiness going on in politics can learn a lesson from this man but not sure that can happen at this point. It seems the words Nazi and Hitler are used more than the words hot dog and beans these days. We can only hope. I wish I could have met this man. May he rest in peace.
This week is end of month and then July 4th…which usually has a positive bias….or at least, not negative.
The tape remains very split as over 50% of the market still not working. We have listed all those areas for you in the past week. We do not think this is going to change but we must tell you there are a few things sticking out now you need to know about.
JP MORGAN, BANK AMERICA and a few others now join a decent sized list of big financials moving below longer term support. There is no rule that they cannot rally back quickly but there has been nothing but deterioration in this important area while other areas remain strong. This is a must watch.
Important TRANSPORT FEDEX cracked badly on numbers. Just another important name that has to be watched.
The leading NASDAQ/NDX “feels like it is finally getting tired. It has been led by a select few big cap tech names that have been doing the job. Keep in mind, they all report during July.
Many world markets continue to act like my beloved Mets. Actually, it is worse knowing how well the Yankees are playing. Emerging markets are submerging with many markets basket cases of dictatorships and debt. Russia, China, Turkey, Brazil, Argentina for starters.
The DOW continues to be worse than all. Not sure replacing GE with Walgreens will help. Big Dow leader BOEING looks topped but that’s after a long run. It may be caught up in the tariff issue with other names like Caterpillar, Deere and agriculture names.
Would love to tell you we can find new leadership but not yet. About the only group showing up really strong here is the RESTAURANTS. Not much else!