SOUNDING OFF ON A VERY SPLIT TAPE

1382 up 2977 down on the NYSE

1342 up 3172 down on the NASDAQ

These numbers with the S&P flat and the NASDAQ up 130.

The very very very split tape continues where the winners are really winning but the losers are big time losing. In fact, we continue to see a worsening on all the areas we have deemed AVOID with many names now squashed. AVOIDS remain in:

Most RETAIL. A few stick out but most in differing levels of bearishness. Do not dare go look at LULU.

ADP and PAYCHEX…without a doubt saying something about the job market going forward as both are at NEW YEARLY LOWS.

HOUSING and HOUSING-RELATED. Did you notice the 10 year yield tick up today while the fed lowered? That had best not continue.

Everything STAPLES…FOOD, BEVERAGE, TOBACCO, HOUSEHOLD PRODUCTS and ALCOHOL. The good news is that alcohol consumption at multi-year lows. Some names in deep bear markets.

INSURANCE of all stripes.

PRIVATE EQUITY.MERGERS and ACQUISITION names…beaten up badly. To be watched.

WASTE MANAGEMENT.

TRAVEL including past leader RCL in the CRUISE LINES. AIRLINES and HOTELS weak.

RESTAURANTS. Do not look at CAVA or CHIPOTLE.

EXCHANGES.

AUTO DEALERS.

LESSER TECH…Yes, we have a category of lesser tech names that topped out or went bearish quite a while ago. They are being ignored and are going deeper into their bear phases. There are many.

TRUCKERS. FEDEX and UPS better but still way down.

CHEMICALS

REGIONAL BANKS…just aint happening. BUT…BIG BANKS hanging in just fine but have gone range-bound for the second.

Some big SOFTWARE names like ADOBE, SALESFORCE, SAP.

Hot open IPOs. Many opened hot. Many have crumbled.

We continue to name these areas because they are avoids. They are in differing levels of bear phases as that money is being taken and piled onto the good sized list of SEMIS/AI, DATA STORAGE, AI ENERGY, DATA CENTERS and other miscellaneous TECH. Some names have gone vertical and we mean vertical. The big indices have stayed trend up along the moving averages because of the bigger influence that we have reported to you since the turn up in late April with not one day trading below. Not sure we have seen it so easy to hold for so long without some scares. But if we get more and more terrible advance/decline days, there will be a time where gravity takes over and the best pull in. We have been asked to compare what we are seeing to 1999. We don’t think it close but to be clear, it has been heading that way.

Other stuff:

Crypto just now range-bound and has been there for a while.

GOLD/SILVER in normal bull market pullbacks…so far.

Other COMMODIITY areas strong. STEEL, COPPER, ALUMINUM, URANIUM, PLATINUM and all that.

We’ll keep you apprised. You know what the outcome usually is if the market continues to narrow but for today, the good gets gooder again.