PRE MARKET

Futures were down decently but now have DOW/S&P flat and NDX up a few as the mega-cap NASDAQ-types continue to get the money flows. They did pull back late yesterday but hardly any in trouble.

A glance at the charts show ugly patterns with the NASDAQ/NDX strongest with the RUSSELL, NYSE, TRANSPORTS and many others much weaker.  And when you have a chance, check out the chart of the German Dax and the London FTSE.

Important days ahead. Many sectors much weaker than the indices. Doesn’t mean market cannot take a stand. Maybe it is good news 10 year yield coming back down a bit. Just continue to know it remains a lot tougher here.  We continue to expect ping pong…markets gyrating back and forth in a range.