PRE MARKET

Earnings:

GE surprises…actually up but meaningless to the DOW as it is low priced.

Leading names SKX, TEAM go bye bye.

Futures down but not a ton but:

Yesterday:

HOUSING looks like it is rolling over gain…from lower levels.

CONSUMER STAPLES new yearly lows. TOBACCO smoked (pun intended) as well as food, beverage, household priducts.

AUTOS look topped.

And the all-important SEMIS mauled yesterday as TSM lowers and giving overall poor SEMI guidance…hitting most names in the group hard. This is not good news for a market that has just bounced back into the middle of the range. The SEMIS have been a leader both up and down for a couple decades so something to watch closely.  The news from TSM hit AAPL as they stated smart phones weakening.

OILS remain with the bid but Trump is ripping OPEC today. Doubt it has an effect. Better action in COMMODITIES also.

FINANCIALS bounce every time long rates move up…exactly what happened yesterday.

They ain’t going to make things easy now. Just into the ping pong, back and forth again.