Futures down a wee bit but as we enter earnings season:

Still seeing no distribution. In fact, any weakness during the day, gets bought up. Recent closes have been on the strong end.

Not a hint of trouble in semis and financials. Financials recently caught up as long rates backed up.

World markets remain strong.

The worst thing one can say is the talk is now over-the-top bullish as we are now reading predictions of 35% gains next year and stuff like that. One doesn’t see that at bottoms.

Not a lot of big movers this morning. MU announces secondary…hit a bit…DAL up a wee bit on numbers. AIRLINES have been acting better…coming up right side of bases.