WEEKEND NOTES

Some random thoughts:

Prayers go out to those affected in Sutherland, Tx. Seems we are doing that a lot lately.

After a longer look at the tax package, we are happy with the corporate side, completely unhappy with the individual side. After talking with some brilliant accountants, seems some middle class people are going to pay higher taxes…and don’t start me on the poor treatment of the producers and the ones doing the hiring. Complete missed opportunity for politicians that are afraid of their own shadows. Remember, high taxes on the wealthy do not hurt the wealthy but hurt those and prevent those from becoming wealthy. Of course, do not listen to the socialist party as they are using the same language I heard when I was in my teens.

My NY football Giants!

Donna Brazile (a cheater) now calls out the Clintons and the DNC as cheaters. Tigers are eating their young. My! This is getting fun. But not surprising to me. Those that have followed me for years know what I think of the Clintons. In case you haven’t….sleazy, slimy, scummy, corrupt, influence peddling machine that has created major wealth for people who are crony capitalists with their own money but socialists with your money. And that’s the nice things I can say! And then their is their criminal fund raising entity masquerading as a foundation. Don’t believe me? Just go look at the tax records. The media has. That’s why they don’t report on it. They know how bad it is.

Need not go into too much depth on the market but:

BEYOND overbought. BEYOND bullish sentiment. BEYOND complacent. But until market says otherwise:

Money flows into mega-cap NASDAQ/NDX-types off of earnings. Some with nice sized gaps.

As we have stated, time to put some energy names on the screen. Refiners have been working for a while but seeing explorers now moving above mid-level bases. We had previously been bearish for a long time in this area.

The Semis are the most extended and overbought we have seen since 1999 and now a AVGO for QCOM merger talk got them even more frothed out on Friday.

Still no issues with FINANCIALS. Nothing bad usually happens when financials are in gear along with the semis.

Just know shorter term, lots of near-term divergences last week.  Doesn’t have to mean anything but we are way overdue, even for a minor correction.