Good morning. Happy Monday. Hope you had a nice long weekend. I’m a little behind returning emails, so if you sent one this weekend, it’ll be returned during the day today.
It looks like the market will start the new week on a down note. S&P futures are down almost 8. This of course is on top of last Thursday’s huge down day. The Asian/Pacific markets already closed mostly down, and Europe is currently down across the board.
Here are the index daily charts. The Nas looks the best. The Dow and S&P are one stiff down day from making new 2-month lows. The Russell, which tends to lead, is somewhere in the middle.
Research this weekend revealed many short set ups and very few decent longs. This comes on top of all the group charts which have broken down in the last couple weeks and the deteriorating breadth indicators. All signs point towards some weakness. That doesn’t mean I’m predicting a hysterical sell-off which takes the market down to the lows (although it’s possible), it just means I favor the downside for now and most likely for the next month or so.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
yesterday’s leaders & laggards
this week’s earnings & economic releases