PRE MARKET EARNINGS ROULETTE

Just a bunch of very big gaps as we move through earnings season:

AAOI leader down over 25%…leader no more…MELI down almost $30…EFII down more than 30%…PI down over 20%…

GRUB, ATVI, OSTK, CARB, SMCI, LITE, BGS, VIAB, APPN, FLR, ABTL, SYNA, ACIA lesser gaps to the downside.

Gaps to the upside…leader ANET up over $20 back to highs…WTW (Thank you Oprah), YELP, GPRO (still losing money), MDRX, WU, MTZ gapping up.

As far as the AAPL gap…so far, nothing but distribution from the gap…but thinking not a big deal. To be watched…may just need some time.

Fake jobs number is out. If you have a job, good. If you don’t, bad.

Futures up a wee bit. DOW divergence versus almost everything else over the past almost 2 weeks continues. Since last Monday’s close, DOW up over 500 points…S&P up 3 points…NASDAQ down 70 points. Russell down…Transports down. Usually we would say not a good sign but so far, except for a lot of individual blow-ups, major indices refuse to buckle.

And of course, the world is still flush with 0% rates, negative rates and to our amateur count, still printing a few $trillion each year….still! But there are no bubbles. All is well…because markets say so.