A little corrective work continues. Not a good day yesterday. especially for small and mid-caps with the a/d very poor. But it is only one day and only a few days of weakness.
We are watching the SEMIS closely as they may be in rollover mode. If they head lower, it is going to be tougher for the market…BUT…
10 years after the financial crisis the Fed dropped hints of QE4 and negative rates yesterday and the ECB announced new stimulus this morning. Fed’s Williams yesterday said they will go negative and print more money in any downturn. And he is supposedly a moderate. The ECB changed their stance this morning and said they will not be raising rates in 2019 and announced something called TLTRO (go look it up)
Futures are basically flat. We suggest sitting tight here. Markets were overdue for some sort of rest. So far, quite negligible.