PRE MARKET

Market was up nicely yesterday until a late day pullback off of all the news coming out of DC. That news is getting louder. We are amazed how sides get taken so quickly by those that love and by those that hate. We are on no side. We cannot stand any of them.

Futures were much worse overnight but as we write this, nominally down. WE DO NOT THINK THE NEWS OUT OF DC IS A BIG MARKET MOVER. We think the direction of rates, oil prices, earnings and the economy matter sooooo much more. OIL PRICES are up markedly as the DOLLAR pulls back.

If markets pull back here, no biggie. It is normal to get back to highs, hit resistance, pull back…before really breaking out. This occurs because those who bought the highs in January are just happy to get out even…causing some traffic.

TGT, LZB gapping up continuing good action in RETAIL. KEYS, BITA, MOMO also up. LOW down but not much. RRGB and ADI down nominally.