Nice reversal yesterday but to us, less than meets the eye. Volume was light not indicative of a great washout but the good news is that longer term support continues to be just that, supported by the big money. But after scanning 2,000 names, not impressed. Will leave it at that for now.

Of note:

Fake jobs number less than expected. The 3.9% an outcome of people leaving work force. Wages were up decently.

Mnuchin and the rest in China getting nothing done on trade just yet. As we told you, we did not think China was just going to lay down. More to come on this but really think Trump and the rest need to be more careful with rhetoric on this one.

Futures down a wee bit Buffett bought a bunch more AAPL so that’s getting a bid. AAPL bought back a whopping $27 billion or so in the fist quarter…at least that is what we are reading.

And lastly, we found many more earnings blow-ups during our scans. Remember, so many blow-ups do not occur in bull markets.

1 reply
  1. Caladesi Kid says:

    Yes. Earnings disappointments are a key indicator of ongoing economic trends. Particularly when these ‘blowups’ cross multiple industries.

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