Futures are up after a good reversal for the NASDAQ/NDX off the 50 day moving average…AGAIN. This most important moving average has contained downside since late June. Many growth names held support/50 day yesterday. Some of the stronger names only pulled back to the 21 day. This keeps the market in good stead though we think this hold needs more time before things can move out.
The DOW/S&P had a pullback but see nothing untoward about it.
We do make note oil prices breaking out to new highs with a few energy names near highs. We actually put a few names on our front screen.
Again, if we can get past Sept and Oct earnings, think a decent chance of a good end of year…but as always, will handle day by day.