Yesterday, NASDAQ/NDX/SOX hit 50 day moving average and bounced nicely with broader market having good day. We remain cautious on the areas that held the 50 day so far as they are trading a little wider and looser and have had a good run. To be watched.
Gee…financials pass the stress test so financials will have a 2-3% gap to the upside today. When the central bank rigs rates down to 0%, screwing the saver…they had better pass the stress tests. Imagine, giving bank trillions of free money they should be paying out in interest.
So pre market…S&P up a little bit but NDX futures down decently. Will be watching to see if they can hold the financials up off this mini-gap. Lots of jello moving on the plate.