Futures up decently.
Good day yesterday even though indices were flat.
We found a few growth names into new high ground and like how the SOX finished. On top of that, the weaker BIG FINANCIALS seem to be repairing.
We continue to believe the onus is now on the bears to show up with their selling. The last time, they were able to take the indices back down to the lows AND AGAIN, for the 3rd time, the lows held.
OIL PRICES are up strong again this morning. OIL STOCKS are going along for the ride. Negative reversal Monday, positive reversal yesterday with a strong open today.
UTILITIES, which have been bearish for a while but drifting higher, look like topped badly yesterday…which means watch BONDS again. We suspect bonds are going to turn down again.
Even though markets moved around on the Iran news, we do not think it is a big market mover.
Gaps this morning are TWLO, TM, GDDY, TRIP, EA to the upside. MNST, PLNT, CTXS, PZZA, AAOI, MB to the downside.