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Futures are up a wee bit with NASDAQ-types a wee bit better. Not much happening here as markets been sitting for 3 weeks. But notice…markets still cannot correct for even 2%. So we are sector specific until indices go one way or another. But the motto has been if they cannot send em down, eventually,…

We think the market was paying more attention to Capital Hill today than anything else but: As we have stated…watch them financials…and today, another day of some distribution. Needless to say, they have led this move up. Other than that, not much else to take away from today…maybe tomorrow.

Market does not want to see more of this!

Earnings this week: Tuesday…after the close- FEDEX, NIKE…both important names. NIKE in the dow. Wednesday…before open…LENNAR…homebuilders been strong Thursday…after the close…MICRON…goes without saying important semiconductor name. Futures flat…not much happening…small downside opening in financials off of weakness Friday. Watching the all-important 50 day average for this group.  

Recently, we told you to watch the financials as they were starting to show slight distribution. This is a no biggie until it becomes more than slight. On Friday, it started to get more than slight. We tell you to watch the financials because along with the semis, they have led the market upwards since…