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Futures were down decently but now have DOW/S&P flat and NDX up a few as the mega-cap NASDAQ-types continue to get the money flows. They did pull back late yesterday but hardly any in trouble. A glance at the charts show ugly patterns with the NASDAQ/NDX strongest with the RUSSELL, NYSE, TRANSPORTS and many others…

What we simply do on a daily basis is look through photo albums for familiar faces…that being the fear and greed patterns of price being traced out. Just letting you know the recent rally back up after the nauseating drop is starting to look like nothing more than a violent, oversold wedge to the upside…

We like having a great edge. But there are not great edges all the time. Right now, it is a lot of a guessing game. Yesterday, big sell off after two big days up after a bunch of ugly reversal days…into this morning’s “another gap to the upside!” So be patient. That is best advice….

SOURCE: https://www.cnbc.com/2018/02/26/roughly-half-of-americans-now-support-universal-basic-income.html

Another strong day. At this juncture, our writing becomes less is more until things change. NASDAQ/NDX almost at old highs…which amazes and at the same time, doesn’t.  We have seen wild swings for quite a while in the market. We would love to see a settling down as we move into meat of resistance. It…

Gee…another decent sized gap to the upside! Rates are also coming down after they teased the 3% level. We will leave it at that for this morning. Most gains have been coming pre-market. Not the easiest proposition.  

Intermediate-term corrections usually have major indices drop 10-15% and usually last a good 12 weeks. We just saw one that lasted 10 days. Blame it on algos. Blame it on button pushers. Blame it on the horrible Knicks season. We just think the “A LOW” we called on February 9th, has turned into one hell of…