MARKET AND PRE MARKET
Holiday shortened week where supposedly, markets always go up.
Futures flattish after being down most of the morning.
AAPLE (AAPL) feeling some more pain on supposed cut in IPHONE orders.
Leading groups are utilities, consumer staples, drugs, a few reits,a few healthcare names, exchanges like CME and ICE, and a few DOW names like a MCD, UNH, WBA, JNJ. Recent gaps to the upside in names like DATA, ETSY, PLNT, TWLO have done nothing except pull back into the gap or sit.
EVERYTHING except the DOW and defensive areas trade below the longer-term 200 day average. Some things trade way below. We do not think it a good thing when the DOW has the relative strength as we have told you when markets are defensive, it buys defensive.
GROWTH STOCKS continue to act terribly. Many trade below the 50 day average with a bunch now in no man’s land, below the 200 day average. Just take a look at the NASDAQ…not much to see. Also seeing more blow-ups, the latest being NVDA.
While we have seen some wicked action in the semis, the SOX trades way below everything. We have one strong name in XLNX.
The FINANCIALS continue to trade poorly…below everything with the REGIONALS acting terribly.
The best news is the A LOW call from 3 Wednesdays ago still holds…and possibly a higher low being put in place last week…but to repeat, need to see some leadership elsewhere…and it just aint happening yet.