Markets

Take a close look at all the financials…most all have rolled over. Most have broke near term support and most have broken the 50 day moving average. Most have very big volume. Since financial led the market up from the election, it is not a reach that if it continues, it leads market down. After…

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…

Futures down a wee bit…but no biggie. Amgen (AMGN) down $13 on negative cholesterol drug news. Biotechs have been acting well. Not this morning. Other “cholesterol” names hit hard. Tesla (TSLA) prices condary at $262. Adobe (ADBE) the big gap to the upside on strong earnings.