MIDDAY NOTES

PAY NO ATTENTION TO THE DOW TODAY.

The DOW was down over 200 points earlier and are still down 75 as we write this but:

NASDAQ/NDX/SOX are doing the job in a big way. FAANG is doing the job in a big way. We would always rather see the growth/beta areas leading while the Dow lags. Some are saying it is the upped buyout price for NXPI. We could care less.

Of course, markets reversed Friday’s gains, more than likely indicating sellers getting some of the upper hand with potential to pull things in after the strong bounce but when we see the action in those strongest of areas today, we wonder how much pullback we get.

Keep in mind, with more than 50% of our stock universe in poor technical shape, things have become tougher. It is just good to see the growth names leading. Watch them closely. They need to keep it up.