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PRE MARKET NOTES

Major indices remain BELOW the 50 day moving average. This does not have to mean the death knell. It just means markets have no chance of going higher until price gets back above this important level. It just means things get tougher. Fewer and fewer things are working and will work.

The biggest issue is the SEMIS (SOX) as this most important group is on the defensive. The latest is QCOM smacked this morning on some anti-trust issues. We urge you to scan names in this group to see what we are seeing.

The good news is there remains a good sized list of growth names that are still above moving averages and act well. It is imperative they continue to act well.

Other issues the market may have is the tariffs, impeachment talk, earnings slowdowns and just flat out stalling around many areas around the globe. We do not want to see the indices lose the 200 day average.

A few RETAIL names coughing it up this morning…LOW, URBN, JWN…on top of KSS yesterday. TGT is the outlier up nicely on numbers.