Futures down a wee bit after a strong Thursday.
But not so strong was the NASDAQ/NDX/growth areas. Something to watch.
A couple weeks back, we called a report “Changing of the Guard!” We are now seeing much better action in UTILITIES, REITS, DRUGS, FOOD, BEVERAGE and other CONSUMER STAPLES areas.
We continue to see what can only be described as meltdowns in emerging markets and commodities. GOLD and SILVER especially smoked on a daily basis. Just a big bifurcated (we hate that word) market.
We also need to add, after Wednesday’s close, there were over 400 new yearly lows on the NYSE and NASDAQ and just a few new yearly highs indicating continued suspect action underneath the surface. Something that has to be watched closely continually.
The good news is that regardless of the underneath, major indices are just off the recent highs.
NVDA was down $15 after the close yesterday but now only down $6. AMAT hit…so weak SEMICONDUTORS front and center for us. DE also hit. JWN gapping up.
And TSLA down another $12 as Elon Musk does a very suspect interview with the NY Times. TSLA is now $97 or $16 billion below Musk’s supposed buyout price.