KALTBAUM PRE-MARKET
Eurozone GDP a big fat (as John Vernon said in Animal House) ZERO-POINT-ZERO.
Moodys downgrades German and Austrian banks.
Europe said this, that and the other thing.
Of course, two fedheads are out saying we need more aggressive easing. Yes…more aggrssive easing. Printing trillions and 0% rates isnt aggressive.
Scott Walker retains governorship in Wisconsin with some believing this is a referendum on Obama.
So nothing earthshaking…just that when you take a look at the sox, at the oils, at the financials, at the major indices…they are deeply stretched and extended from the norm…so BOUNCES WILL HAPPEN.
BY THE RULES, until we get a follow through day, be cautious. Doesnt mean you have to be 100% in cash…but in past weeks, that is the best way to have played it as except for a few names as well as utilities, the market has hit everything. Today is only day 3…so a follow through day cannnot come from today.
Early movers…
TPX monstrous warning: the stock closed at $43.67…less than $25 pre-market. Was $87 a few weeks back. Things change. MFRM also down on their numbers.