We are less than thrilled at what we are seeing here. End of quarter today not so good. 50% of the market is already bearish…which makes us watch the other 50% closely. When markets are at or near highs, a 50% number is more than subpar…telling us fewer and fewer soldiers are going up the mountain. So pay attention here. Specifically, pay attention to the biotechs and to a little lesser extent, the semis. You already know our thesis on the biotechs. This is where the risk is…which cuts both ways. When it works, it works well. When it doesn’t, look out. Time to watch the BIB,IBB and BBH. All held the 50 day recently but now looking like a potential lower high. A break back below the 50 day would be worrisome because if the big strength gets taken out, the not so big strength goes bye bye. So again, pay attention here.
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- YESTERDAY/PRE-MARKETJanuary 23, 2019 - 8:49 am
Not a thrilling day yesterday…but ramped a bit into the close as the confusion out of the White House continues on trade. We think we heard 3 different stories yesterday. We are of the camp that yesterday’s highs will be the highs for now but earnings earnings earnings. This morning, DOW futures best as IBM […]
- RADIO SHOW 1/22January 23, 2019 - 8:43 am
- PRE MARKETJanuary 22, 2019 - 9:11 am
Futures down but that’s after being up another 300+ on Friday. We are actually in hopes of pullbacks. Markets need one or two to set things up better. Maybe this starts one. Most all early weakness has been bought so far. Massive amount of earnings next two weeks. Patience here. More tonight.