RATES/GROWTH/FEDHEADS
-On top of our latest theme of big money flows into ENERGY and all kinds of stuff, we wrote at the end of our report yesterday:-
-“We will be 100% focused on this (ENERGY, RATES AND STUFF) as well as the 50 day moving average for the NASDAQ/NDX as we are not so sure growth will be happy if rates continue higher.”-
-Rates again higher this morning. OIL again higher this morning. The NASDAQ/NDX and growth getting smacked. This needs to be watched. The NASDAQ/NDX/GROWTH, for the right reason of outperforming for so long, are now coming under some serious pressure. The NASDAQ/NDX will both open BELOW the 50 day average with many names toppy, topping or topped. To be watched as these areas already showing not thrilled with the move in rates and oil.-
-Lastly, two Fed heads stepped down yesterday. Both were embroiled in controversy as they traded a ton of stocks in the market while providing gargantuan easy money to those same markets. One stated did not want to be the story. The other commented on health issues. We hope there will be investigations into this. We hope there will be accountability. Somehow we doubt it. Just remember, not one person on Wall Street was even looked at for all the crap (massive fraud) that occurred leading up to the 08 debacle. Expecting the same here.Martha Stewart should be pissed off. As usual, for people in DC, rules for thee but not for me!-