The market continues to thin out the herd.
Forget for a second whether the market was down yesterday and the fact we will have a little gap up today.
There were many more new lows than new highs yesterday.
As we scan a couple thousand names each day, fewer and fewer remain above the 50 day average.
AMZN, AAPL, GOOG are really skewing things now. The NDX/NAZ remain the place to be. Even yesterday, the NDX/NAZ hardly budged…and this morning, yesterday forgotten.
TURKEY…we believe it NOT a big deal to the bigger picture but we are always aware of contagion especially with how much debt is in the system around the globe. Price will tell us everything.
BUT…dang…RUSSIA, CHINA, EMERGING MARKETS…so many areas in their own private bear markets. Our market doesn’t budge.
AAP and HD with gaps to the upside today.