WEEKEND REPORT

Don’t worry that the VIX is at lows not seen since 1993. Don’t worry that short interest continues to plunge. Don’t worrythat we have not had even 3% down sice the election. Don’t worry that we have not had a bear market of consequence since 09. Don’t worry because rates around the globe in many places are still negative and trillions continue to be printed.

Earnings this week…GOOGL, FB, AMZN for starters. If they react like NFLX…dang.

Major indices remain fine. We can complain that Transports are coming in or the Russell reversed Friday but that is being picky. The DOW, S&P, NASDAQ, NDX are fine…and the all-important SOX has put in a “U!” To be clear though, about 40% of the market is still not participating…but no biggie. We just ignore those areas that we have been highlighting for so long.

As far as OILS, they tried. They, so far, failed again in and around the declining 50 day average.

Financials remain range-bound with a few favorites like C and BK acting well. But many are not…and now REGIONALS (KRE) are again teasing rolling over. We shall see.

We are going to leave it at that for today. Tons of important earnings this week which will change some things for the good and some for the bad. We don’t want to get in front of any of them. Just be rest assured, major indices act fine and remain teflon. The NASDAQ/NDX scare lasted less than a month and has U-shaped back up. Stay tuned.