CONGRATULATIONS

The markets open in the red with 1,500 more losing stocks than winners and best performing sectors include biotechs, drugs and oils. Worst groups are techs, internets, metals and brokers. DJIA is worst performing major market index thanks to MMM as eleven components are higher and nineteen lower.


John Succo nailed it selling the futures ramp in the premarket and maybe my preponderance of evidence call also wasn't so bad. Unfortunately, the gap fill trade worked before 9:30 so no chance to put that one on with equity ETF's. And maybe a thank you is in order to MMM as they lower Q2 guidance. Are they telling us something meaningful as they are a pretty good tell for the economy in general as they sell thousands and thousands of products. Is it that oil prices eventually do matter?



Oh, and one other fact to add to my preponderance of evidence take, the QQQQ SMH and IWM have been the weakest sectors of late. They lead on the way up and they lead on the way down is the way it usually works.