PRE MARKET

All about the commods yesterday. OIL, STEEL, COPPER, ALUMINUM, PALLADIUM and all that stuff. Oil prices continue to rise and are up again nicely this morning. All very extended here but leave no doubt, money flows continue. But not going to be fun at the pump.

TSM warns this morning and says it is all about weak smart phones so AAPL down $3 with the SEMIS also hit. A lot of SEMIS have been suspect with LRCX hit yesterday as well as ASML on numbers. Also need to add FINANCIALS remain weak. If we were only looking at financials, we would be worrying about the market.

Few other notes:

Bond market looks like it has topped again after bouncing. 10 year now at 2.9%.

Markets near term overbought but overbought can become more overbought if it wanted to.

TRANSPORTS veryt strong move through the 50 day. Good reactions to JBHT and CSX did the trick…as well as UAL.

We are now just back into the middle of the range which started Jan 29 at the highs as well as the recent lows.