-The markets rallied off of some of the most stretched, extended and oversold conditions we have seen in a long but:--Every major index except the DOW, almost every sector and most countries still trade UNDER the LONGER-TERM 200 DAY MOVING AVERAGE.--Leadership remains almost nil with mostly defensive names showing the best relative strength. CONSUMER STAPLES (not all), a few UTILITY names, some DISCOUNT RETAIL and not much else.--As we scan past leaders in growth, many trade in between the 50 and 200 day with wedging moves back towards the 50 day. There are others that are much worse. They broke below everything.--The SOX, even with this week’s rally remains way below the 200 day with nary a name in shape. The FINANCALS also.-=Friday’s market reversed to the downside until the prez inserted another timely “announcement” on China. The market rallied into the close but in no way changed the big picture…that A low, probably a decent low for now has been put in place but we are doubtful of how far this rally can go…and for all we know, Friday’s high may be it. If that is the case, one cannot be thrilled. The weeklies look better as markets could have had a gigantic defense week…but too early to tell._-And now onto the election. We are quite tired of all the bs. We approve this message.-
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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.