NOTES

Market is huge huge huge overbought…oscillators, put-calls, everything.

Market did not give a crap about it today. In fact, fantastic day for the megacaps and the down and outs turning in software and other stuff.

The semis…washed us today. Always asked…why not wait for end of day? In real time, after deep drops, what if they just keep going lower? If MU puts in a handle…darn straight will go right back in.

We will get back on that horse quickly if need be.

Speaking of that. S&P and NDX at highs…will add in here as price trumps sentiment.

Clear lack of bases in here. Best moves off lows while the strength pulled back today. For no reason, thinking they may come back to the fore tomorrow but that is just a guess. Looking at a LITE if this pulls back more. So far, constructive. CIEN very constructive but too far up.

May want to play a C as it sticks out. The other is BK but reports tomorrow. GS and JPM do not act great with WFC worse.

We love the megacaps but the moves quite straight up and impossible. AMZN goes coast to coast in days. Would we play an MSFT that turned corner but way down? Maybe. It is MSFT. GOOGL better than most and have interest. Just keep in mind that earnings coming up for a ton. May add the MAGS also.

The move off lows doesnt surprise because we have seen this before but still rates a wow!

In spite of the very overbought, price is everything and clearly, this is a multi-month breakout in big indices (not the DOW) that could invite more buying into the midst of earnings. We would love one pullback in here but market doesnt give a — what we want.