PRE MARKET

Last night, we told you we thought yesterday’s close indicated that a bounce was ready to happen. We don’t giving short term calls as we like talking big picture but thought worth mentioning because of what we saw. And lo and behold…nice gap to the upside today. Yippee. Keep in mind, this is so far, an oversold bounce as sellers dry up. We suspect we could chop around but are open to anything. The problem remains the internals.  The good news is there are still a bunch of leading names that are now settling down into new bases. As long as they hold in those bases, the potential for more breakouts down the road is still there. Names that have settled below the 50 day are not included. Bases should form above.

Of note:

COPPER (JJC) into new high ground so the BHP, RIO and stuff like that still working. The weak dollar helping this out.

A couple strong CHINA ADRs getting smacked this morning during earnings roulette. BZUN and MOMO down in the 10% range off of numbers. Another blow-up is NDSN.

Yesterday, WUBA big CHINA ADR mover to the upside on numbers.