PRE MARKET NOTES

Futures actually down decently for a change.

SNAPCHAT (SNAP) smacked hard on big loss. Just realize a lot of that lost is assinine stock compensation but the fact is users are dropping…which is not good news. We stated here, on radio and on tv that if this company was selling steel pipes, it would be single digits. The numbers are just not there but because of the popularity, was able to get a ridiculous valuation to come public with.

MACYS (M) also hit hard on numbers. You already know what we think of big retail…

NTES gapping up but not much else this morning. PEGA also on the move. While there are still many names to report, we are through most of the important names.

Major indices remain in shape and tight.  NASDAQ/NDX continue to lead with the SOX moving into another high yesterday. Semiconductors have been leading for many months.