After strong day yesterday with a mystery 150 point close near the close, we have a decent gap to the downside today. TIME AND PRICE! We believe after a drop like we just saw, we are going to get time and price. That means up down, up down, up down. Some good days, some bad days. And as this is happening, we continue to scan to give us clues on whether it is going to roll over again.
When we go home and do our scans, we forget about what has happened and just let our eyes do the work. After scanning, our eyes found nothing more than an oversold bounce with a ton of damaged charts. Hardly any new highs found with the strongest names holding the 50 day on this drop and now bouncing up. Go look at BA and AMZN to see the big strength. We can all but promise you that if they come after those 2 again, look out.
FINANCIALS are still holding up better than most as the port in the storm right now. We suspect higher rates on the long end helping. The only sector with real strength is the DEFENSE sector as everyone likes a good war. (Trump budget has defense spending going up!)
Go ;look where a;; the major indices are at. Go look where all the major countries are at. We call it no man’s land. It ain’t going to get any easier right now.
WB, RNG, UAA gapping up a wee bit on numbers.