500 Dow points aint what it used to be. Only about 2% now. We were waaaaay overdue where a pullback could happen any time…but no way of knowing price and duration. You just look to see what other cards come out of the deck, especially during earnings season. Just remember, when markets top, they do not top in a day or a week. They top over time so don’t jump the gun.
What we have been seeing has been a few areas getting in some trouble. We have told you about utilities and reits off of higher rates…and recently, they have been coming after housing.
But now we are possibly seeing a decent top, for now, in energy. Time will tell. We can add a few SEMI-names that act poorly though the group overall looks fine.
The big story this morning has been the rocket ship BOEING (BA)…up a whopping $20 on accelerating numbers. That’s about 150 DOW points this morning…rates a big wow.
Other gappers are AVGO, EA, SFLY, KNX and a few lessers. On the downside are ALGN, CACC, JNPR, SYK.
After yesterday, futures up nicely as China strong again overnight.
Just a head’s up after the close today are FB, EBAY, MSFT, PYPL, QCOM, X, VRTX. Tomorrow morning are BABA, MA, UPS and then a monster after the close in AAPL, AMZN, GOOGL…those 3 will indeed change the playing field in the QQQ. Also, AMGN, V with Friday having 3 DOW names in XOM, CVX, MRK.