Our concise thoughts:

With yesterday’s action, we think the lows of the past few days hold for now. We would be surprised if it breaks any time soon. BUT…we do think we can pull back/retest. We say this because as we scanned 1500 names, 200 sectors, every country and every commodity, most stocks and stuff look like they just had a lower volume reaction to some serious ugly. We say this because there remains a clear lack of leadership. We say this because RUSSELL, MID-CAPS, FINANCIALS, SEMIS and so much other stuff trade below THE 200 DAY MOVING AVERAGE. So before you go out and call THE BOTTOM, relax. AND do not forget a few thousand names reporting earnings in the weeks ahead.

NFLX up nicely this morning helping the Qs but S&P down this morning. Big subscriber numbers helping NFLX out.

UAL,LRCX,WGO,VICR,ASML up…IBM, NTRS are down. HOUSING stocks being downgraded this morning AFTER a big drop.

And lastly, the president trying to assign blame to the fed. Mr. President, if 2% fed funds gets you worried, then we are really screwed. We’ll just leave it there by saying no president should be calling out the fed like Trump is. Imagine the fed raising rates a whopping 1/4 point and on that same day the president says it will hurt markets…guess what those words can do to markets?