Futures flattish and that is actually good news. Need some working off the latest surge off of extreme conditions both in price to the downside and bearish sentiment.

This rally feels better than the last two. We completely doubted the last two as they were nothing more than bear market rallies. Both lasted less than 7 days. This one ‘feels” like it can last longer but leave no doubt, if sellers start showing up, a word to the wise…careful. Every major index is still BELOW the recent “waterfall” breakdown and also below the declining 50 day moving average which is below the longer-term 200 day moving average. Also, we cannot find one new high but we can find a few SOFTWARE names near the highs and seeing a few beta names turn the corner.

Lastly, we believe the fed is back holding hands with the market. Whether or not it matters, time will tell. For years, it has mattered.