PRE MARKET

Futures were way down overnight but are now flattish.

One would like to know what the short term holds. No clue. Don’t know. Quite random. Was actually asked what I thought would happen today.. No clue. Don’t know. Quite random.  But we do know the big picture worsened…simple as that…and whether we get a bounce here or further downside, nobody knows.

Take your time and don’t blink. Everything you need to know is in the price action and price action is poor. Heard a few too many people coming out this morning saying this is all about trade and tariffs. We disagree. We suspect this is about a big run that stopped on January 29th and now we have to go through some sort of a bearish phase of unknown price and time. Remember, in bull markets, markets will go up on perceived bad news. Things have changed. We could also tell you the spending bill, debt, deficits, the Knicks, the Giants and so much else that is affecting markets negatively.

Great example…FDX reports good numbers…up $6 early and finishes down nicely…and then drops another $12 yesterday. That does not happen in bull markets.

Will have a lot more over the weekend.