PRE MARKET

ABBV buying AGN.

GOLD again with the little gap up. As we stated, we think the move is real but wait for pullbacks…which have not happened yet.

Seeing a bunch of distribution in growth names as a few breaking the 50 day and a few bigger leaders like SHOP, TTD hitting near term highs.

SMALL CAPS and TRANSPORTS continue to under-perform as another bad day yesterday with the DOW flat.

YIELDS continue lower. Not sure GOLD to the upside and yields ripping to the downside a good thing but so far, big cap indices no problems.

SCHW. ETFC, AMTD…did you see them yesterday? Already bearish but now the great socialist wants to tax trades a whopping 0.5%. Think what that would do to the industry and to investors.

 

1 reply
  1. Avatar
    Don't Worry, Be Happy says:

    If you think about it the animal spirits pretty much had to be weak early this week. First, the media had the frenzy going so everyone was “into” Fed Day last week. But nothing really happened, so there’s a bit of emotional letdown there. Now, the market can’t be strong every day, so if you have a bit of droop now, look what that sets you up for: Friday 6/28 is the deadline for midyear end-of-quarter window dressing. Bet that catches a few by surprise since the date isn’t “30” or “31”! S&P500 likely to close the week above 2850 or so, otherwise too many folks will be looking at red on their quarterly statements. And then next week has 4th of July. Wouldn’t be surprised to see new all-time highs for a Happy 4th. Can’t have the leadership being forced to discuss troubled market situations while relaxing out in the Hamptons or wherever, can we?

    Of course, the market data isn’t manipulated at all, so none of this happens. Except maybe at Merrill Lynch where the $25M fine is a token tax on the profits from spoofing the precious metals markets. (And how many other markets are being spoofed, by how many other participants, without being investigated? Hmm…)

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