PRE MARKET

Futures down this morning after quiet day yesterday.

Not much sticking out here as not a lot of earnings this week. We do have the ECB crap but will be no changes as they are addicted to printing money and keeping rates at a NEGATIVE .5%. FINANCIALS continue to be an anchor here as they refuse to rally…and they had better not break below vital support. The usuals still working but very extended…TECH/INTERNET/SEMIS/FIBER OPTICS and all that stuff.

We keep being asked about bubbles and crashes. For us, to us, the definition of a bubble is what central banks are doing…but do not shy away from bubbles as they pay nicely while they are working. Of course, one best get off the train early in the popping. Instead of asking me, go ahead and scan what happened in the late 90s, especially 99 and then the ensuing action when it popped. You will see we are not even in the same galaxy in comparison to what happened then, both technically and fundamentally. I recall GE and WMT trading at 50x earnings and of course, a ton of stuff with nothing trading at assinine valuations.