PRE MARKET

Very good comeback yesterday from the early depths…only to walk into another gap to the downside…just less so this morning.

The good news is that the RUSSELL 2000 again led yesterday which could indicate a broadening out. Small-caps have been lagging large-caps for a while. We shall see if that lasts.

The good news is that many leading names held the 50 day or 21 day moving average on the pullback before bouncing.

The good news is again, a good comeback from the lows.

The bad news is another gap to the downside as this China stuff could be meaningful.

Frankly, we would love to see a few weeks of nothingness to set things up better but markets could care less what we want or what we think.