Futures up a wee bit.
Markets felt a little popped yesterday but let’s call it no biggie. Markets are overbought while call buying has skyrocketed. So maybe a rest…maybe.
Seeing distribution in utilities, reits and defensive areas while best moves continue to be in lower beta stuff that was dead for a long time. With rates backing up, financials have had their way. We would suggest they are overbought. Also seeing bids in a bunch of lower beta, earnings and sales down economically sensitive names. And there there are the SEMIS, which have been relentless on, for the most part, crummy numbers.
Money continues to flow out of most growth names with many SOFTWARE names continuing to act horrid.
Since you are asking, BA had a good day yesterday. It seems every time the CEO is on the tube, the stock gets a bid. Still a decent amount of uncertainty remains but every day gets closer to getting the planes back in the air.