Market Look

More of this little pullback but keep in mind, lots of jello moving on the plate.   First off…housing stocks continue to have the best charts and a near term bid. Not exactly beta but working. Commodities are still breaking near term support and now seeing some steel names gag. Junk bonds may be topping….

Since we are being asked…no, we would not try and catch the proverbial falling knife because the action for this new IPO is random.  If you buy and it goes up, it is just luck. There is no edge in here with the trading.When we said last week that if this company sold pipes, it…

Futures down a wee bit. Market remains a little soft after the 300 point day to the upside…which arguably may have been a late suck-in. So far, not seeing much damage on this little pullback. SNAP down another 5% this morning…leaving it down 25% from Friday’s highs. As we told you, early IPO action is…

Market tried to rebound before a late sell down. It feels like we hit an important point after the 300 point up day. Maybe that was somewhat of a climactic day in where for now, that’s the high. After all, markets are extremely extended. Just understand that any pullback at this juncture would be normal….

There is no chart. 3 days of trading does not make a chart. You know our thoughts on valuation but you also know if it breaks out of an IPO base, we may look to buy it as overvalued can get more overvalued. We have seen it time and time again with so-called glamour names….

We were asked numerous times this weekend about Snapchat stock. We were approached by strangers that listen to us or watch us asking us about it. We repeat…valuation is a joke…BUT THAT DOES NOT MATTER THIS SECOND. To be clear…WE HAVE ABSOLUTELY NO IDEA WHAT THE STOCK WILL DO IN THE SHORT RUN. Moves are…

Futures are down a wee bit but were much worse overnight. Worried about North Korea and more Trump stuff weighing a little bit on market. Remember, markets are stretched and extended here with a good dose of bullishness. On top of that, small caps are lagging. Other than that, no biggie so far. Not a…

We wanted to add one other point to the report and that is how stretched things are. Remember…EVENTUALLY, everything returns to the norm whether a stock, a sector or a major index and that norm is support and/or moving averages. To give you an idea: The DOW is a whopping 840 points above the 50 day…