PRE MARKET

In a repeat of late Friday, NASDAQ futures down nicely while S&P hardly budged. As we stated Friday, there is a decent chance a chance we have a change of complexion in the market. Yes…it is only one day but it was a loud day volume-wise. We will need to see some more cards come out of the deck but would not ignore it. NASDAQ futures off their lows from a couple of hours ago.

Keep focus! There are other areas that are getting money flows with good charts in a few financials, a few REITS, and some lower beta stuff. Also, while oil charts look like heck, it feels like they also want to rally some here.

In the news:

Jeff Immelt is out at GE. There has been a lot of back and forth on whether he did a good job. The fact is not including dividends, the stock is trading where it was in 98. But the fact is at the bubble highs, the valuation was a joke along with many others. The stock had to under-perform just like a Walmart because of the valuation but also because how big the company was. Growth is tough o come by when you are gargantuan. If there is any complaint, I think there should have been some spinning off throughout the years but what do I know.