Market Look

Futures up a wee bit but strong day yesterday. NASDAQ got back in one day what it lost in 5 days…and the 5 days wasn’t that much. If they can only correct the market 1% while internals headed south…you can fill in the blank. Gaps to upside: FL…not as bad as expected. Stock had been…

SOURCE: http://www.dailymail.co.uk/news/article-5090421/Vietnam-War-veteran-stands-guard-buddy-s-casket.html

Yesterday’s bear market already over. Nice gap to the upside today…as bear markets last one day these days. CSCO up nicely this morning on a 2% drop in sales and flat earnings. The clue yesterday is what we wrote to you midday…FINANCIALS held and rallied right off the 50 day. That said…internals have headed south…

Market way off early lows. Look where BAC, JPM and the whole XLF held this morning…right at the all-important 50 day moving average…a place in bull phases where the big boys stand up and defend the turf. This will be vital to the market that this area holds. When you have a chance scan those…

Futures down decently. My goodness. We may just get that whopping 1% bear market. (sarcasm) Just remember what we have reported to you: Our sentiment indicators have been flashing red for a few weeks. Bullishness and speculation have been rampant. Again, that does not mean a correction is ahead. Sentiment is a secondary indicator. It…

We believe this is a bubble. We also believe it can go much higher. Bubbles can go farther and longer than anyone believes. But to think this is  a currency…not! This is not how currencies work. This is how speculation works. Good luck! As we have stated…just do not be the last one in…from wherever…

Quiet open. A couple of notes: UTILITIES breaking out as long rates been coming down. Lower rates have caused FINANCIALS to back up. The 9500 area may lend some support to the TRANSPORTS…right near the 200 day moving average. Overbought ENERGY indeed pulling back but needs to be watched on pullbacks. BWLD gets buyout proposal….