Market Look

Very weird day yesterday with a ton of divergences. More new lows than new highs. A/D negative. Small caps and mid caps smacked. Growth/beta smacked…for the first time in weeks, seeing a few names breaking support. ENERGY continues upside. (not good news) FINANCIALS still gross. All this with the DOW up 200. TESLA gets it…

Futures be down. Weak Europe doing the trick. TESLA down $38 as the SEC looks to bar Musk from serving on board or any capacity with a public company FOR LIFE. This is a WOW moment because we have seen worse where the SEC was not looking to ban for life…but we think that this…

Markets reversed down yesterday off the fed as financials led down. This is to be watched. Very poor action combined with the poor action in the semis give us pause. BUT most indices remain fine…most. A glance at the mid caps and small caps (MDY and IWM) show both breaking slightly below the 50 day…

Futures are up after a good reversal for the NASDAQ/NDX off the 50 day moving average…AGAIN. This most important moving average has contained downside since late June. Many growth names held support/50 day yesterday. Some of the stronger names only pulled back to the 21 day. This keeps the market in good stead though we…