PRE MARKET

Futures bouncing but our themes do not change.

The DOW remains worse than everything…S&P better…NASDAQ/NDX/RUSSELL lead. The best pulled back yesterday.The worst has been ugly. Let’s just add in a lot of world markets are under severe pressure. Notwithstanding bounces, look at EEM, EFA, RSX, FXI, EWZ, TUR and others. Wow!

This is what happens when half the markets are not working. The good are gooder. The bad are badder. We don’t see it changing yet.

Only standout this morning is RHT…recent leaders goes bye bye on numbers. DRI gapped up yesterday to a high.

The Supremes decide states can collect internet taxes. For a change, we are in between. Normally, we take a definitive side. We hate more taxes. Government (federal, state, local) takes over $6 trillion out of us every year….yes…$6 trillion. One would think that’s enough. But the other side says all retail should be taxed and that bricks and mortar retail is at a disadvantage. We understand that side also. But again…we hate more taxes.

Charles Krauthammer passed away after a long bout with cancer. We will have thoughts on this great man over the weekend. We never met him but never missed him when he was on the tube.