PRE MARKET

Nice reversal yesterday…led by the SEMIS. We wrote to you in the middle of the day that something was up. But the SEMIS are just oversold and like many other things, defending the ALL-IMPORTANT 200 DAY AVERAGE.

APPLE (AAPL) is up $6.50 this morning as we write this. It was up almost $4 yesterday. Numbers were good but we think like prosecuting attorneys here. Apple announced a $100 billion buyback…which is over 10% of the market cap. Shouldn’t the stock be up much more? Just asking.

Leader MASTERCARD (MA) gapping out of a short base on very strong numbers. Other decent gaps are SFLY gapping out of a base. ZEN gapping out of a base. Both have held nicely at the highs.  ADP, LITE. On the downside, SNAP,  CHRW, YUMC, YUM and leader PAYC gapping down.

S&P futures down a wee bit. NDX futures up a wee bit…even with AAPL up nicely.