PRE MARKET

So far, this reaction to the downside in glamour-types have a ton of names taken down to their 10 week/50 day moving averages…and holding for now. Others (the real strong names) did not even get close. Is it possible this was just a big scare down to moving averages off of extended conditions? Sure…but let’s let market decide.

But…other areas haven’t budged throughout this little tech carnage. Dow, S&P, Russell sitting tight.

And its fed week. Remember our thesis. Doesnt matter what they do any more…because you have Europe and Japan at -.5% rate and both printing a trillion/year not to mention what others are doing.

Futures up nicely…glamour names gapping up decently. We suspect more violent backing and filling…just like we told you over the weekend. We would love to see them settle down and build new bases up in here.