PRE MARKET

Yesterday, beta day with big-cap leading way. AMAZON (AMZN) back above the 50 day as it is Amazon Prime day. Yippee…

Also, good day for many Chinese ADR’s moving off the 50 day like TAL, JD, EDU and others.

Other notes:

SNAP now below IPO price and hit harder this morning. As we stated on the date of the IPO, you get to pick your poison on whether you want in on an IPO foisted upon Wall Street at an absolutely assinine, assiten, asseleven price. You see the outcome. On top of this, it is being reported that the business has been heading south.

We wanted to make note of Commodity names. We have been bearish on just about every name in the space for a lon while. We are not so bearish any more. For sure, clear lack of leadership but a few names perking up. CENX the real strong name. RIO putting in a big base. And a lagging name like FCX looks like it may want to put in some sort of bottom. Again, not great leadership here…but thought it worthy of pointing out. We think the dollar continuing to weaken has something to do with this.

HOUSING had another good day yesterday but today, faces the dreaded downgrade. Interested in seeing whether it gets shrugged off.