Dow futures up…S&P flat…NDX down.
Yesterday, FINANCIALS led the way as incoming Fedhead going to keep things easy but also said magic words…bye bye to Volcker rule which has prevented FINANCIALS from trading their own money. On top of that, the CFPB will be “taken apart” as many believe it was just an unaccountable, politically one-sided nightmare for the financial industry. So…big 3%-plus move in financials yesterday. As we have told you forever, markets never get in trouble when financials are working. The XLF held the 50 day and popped off of it. FINANCIALS re again up pre-market.
There was some under-performance in beta yesterday. Very extended names would be normal to rest/pull back.