PRE MARKET

Bad open this morning…can blame it on tariffs or just that last week we thought that TECH had topped for now as we go into the crappy Aug/Sept period. Either way, ease off the pedal.

We have to make note that about 2-3 dozen growth names that were trading above support/50 day avg have now broke below. Some like FB and TWTR have been squashed. This is not a great sign for the market. And this morning, we have W, HUBS, TRIP gapping down…another 3 names that were strong. SQ is down but not a ton.

We reiterate…more patience and continue to believe value now outperforms growth.

As far as Trump…HE HAD BETTER BE CAREFUL BECAUSE HE IS TAUNTING MARKETS WITH HIS CONTINUED TARIFF THREATS.