PRE MARKET

We could tell you we saw a little distribution last week. We can tell you we saw some failed breakouts. We can tell you we saw some leaders pulling back with a few breaking the 50 day. We can tell you MSFT gapped up on good numbers and sold off. We can tell you an important high beta name in NFLX gapped down and is still over-owned and 0ver-leveraged. We can tell you small and mid-caps continue to under-perform badly but:

145 companies of the S&P500 and 10 of the DJIA 30 are due to report this week…not to mention many others. That will be the story this week. We then deal with a Fed that will lower rates at the end of the month. The president again jawbones them this morning, hoping for bigger rate cuts than the fed may want. But the president says the fed is independent and the president once blasted Obama and Bernanke for their easy money. My…how things change once you are the head honcho, top dog, big cheese.