PRE MARKETS

Markets look to open lower on the heels of some poor economic news that came out at 8:30- specifically retail sales much worse than expected.

ES -8

NQ -6.75

YM-61

And that may be an excuse to take profits after the market has gone pretty much straight up since early March.

Also- lots of downgrades this morning and the SPX is still way stretched at about 9% above the SMA 50- RSI (2) levels also way extended - near 90 on the SPX.

How about these charts for a little over bought action;

WFC need some of those GS profits;

Everyone looking for a pullback - just be careful what you wish for because you may just get it in spades.