Weird day yesterday. Money flowed out of TECH/RISK and into lower beta. MCD up $7 but saw no news.
OILS bounced right off support but we stick with theme that they are now range-bound.
Emerging markets continue to act horrid and should be underweight right now. A few countries, namely Brazil for starters and basket cases. Go look at EWZ.
Futures down decently on NAZ as APPLE supposedly lowering parts suppliers by 20% but also add that yesterday’s action gave clue that TECH was petered out near term. LRCX did stand out as semi-equipment names not acting well.
Nothing wrong with pullbacks as long as they are controlled and rotational…but to be clear, 50%+ of the market still aint happening!