Futures up this morning off of a strong Friday.
There are several things sticking out here.
The NASDAQ/NDX have moved out of handles led by a slew of growth names, with some of the mega-cap names also doing the trick. This is important. Never a bad thing when so many are setting up and breaking out of range.
The S&P looks ready to break out of the 3 week range.
Weaker markets around the globe may be bottoming. When the weakest areas bottom, usually good news.
TRANSPORTS are edging above 14 week range.
Bad news is being ignored…socialist now running Spain, Mexico next. Trade wars. Racist and potty mouth comedians. The Trump soap opera. (Yes…it is a soap opera!) Of course, we are hearing good news that GDP predictions for 2nd quarter continues to rise, with some predicting near 5%. This is good news. Also good news that the socialist party (Pelosi) election message is to raise taxes. How the hell did these people get elected and KEEP BEING ELECTED?
Things feel a little frothy here even though major indices hardly budged last week. We define that when we see the “beta” leading. So would not mind a settling down, a scare day or a pull back here. Of course, market doesn’t care what we want.