today’s post is at 10:00 AM CDT as I wanted to see if my hunch from yesterday played out. First, yesterday was an extremely low volume day. What was that about, strange, but not in a manipulated market where someone is calling the shots. So today, the core tech and bio-tech areas are strong, the companies we have been talking about for the coming reset. The old school DJI and SPX indexes are weak, what I would call the stocks for the consumer theme.
We probably will not see a classic bear market bounce in the market from here for two basic reasons:
- This is not a Bear Market, this just is a Fed Police Action…
- With the market rubber band pulled to its limit, when it lets go you had better be on the train, this will be whiplash in double digits.
One more thing, Guidance…
According to CNBC, selling yesterday was due to negative forward guidance by big company CEO’s was key. Since when do big corporate CEO’s have a clue. All they do is follow FED talk. I think you will see Fortune 500 companies playing catchup for the rest of the year.