PRE MARKET

On radio yesterday, we said down 100 Tuesday, up 87 Wednesday, down 100 Thursday…for the Nasdaq…why not just go up 90 on Friday? That was sarcasm but you never know.

Futures up decently after a yuck day Thursday. To take the positive side, the Nasdaq was down 150 yesterday and finished only 90…and by no coincidence, right at the 50 day average. To our eyes, at best, big Nasdaq/tech/internet and all that stuff is just finally stopping the uptrend and putting in new bases. At worst, it is the start of something nefarious. As far as the semis, a little bit weaker but it has come a long way.

Away from the Nasdaq, the financials are trying as the stress test was passed (now that’s funny) and long rates have backed up. Also, still seeing a decent amount of patterns remaining in good shape in lower beta/value land.

Today is the last day of the quarter. Expect window dressing even though window dressing is illegal. 1/2 day of trading Monday. Still don’t know why they do 1/2 day trading.