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Monday 4/30 Blog

9 am-  MONDAY 4/30/18-  

Good am.. Sent out 2 pieces this am.. One around 530 that highlights some ETFs to consider.. And one 15 min ago showing charts of MCD, CTB, FDC, all moving premkt.  FDC making minor breakout..  CTB making big breakdown. And MCD up to resistance-   Like using gains in MCD to sell as right near prior highs-    Defensive stance in Equities overall remains prudent over next 1-2 weeks, and S&P Bounce looks vulnerable.  Overall, UNDER 2688 is bearish .. Over would be temporarily a positive-  Dollar stretching higher.. Would look to buy EURUSD, GBPUSD Tuesday or Wed on weakness. And buy GOLD into this pullback- Let me know if you have questions

 

2pm -  Monday 4/30/18-

2 hrs left in session, S&P has begun to accelerate lower a bit in the last 20 mins..  Undercutting Friday's lows.   Breadth has worsened to 3/2 negative.. Though still pretty tame.. Industrials have slipped to near -1% on the day, while Healthcare and Telecom now share that honor, and Materials close.. At -.97%.. With only Energy positive now on the session  - Utilities the top defensive group, down just fractionally.. And Financials are faring better than most sectors-  US Dollar still holding gains from earlier..  Yield curve has pulled back to prior lows.. And ongoing Bond rally from late last week, as 10yr yields are down to 2.94 and dropping..  30 yr down to 3.10-  overall 2646 has minor importance as support.. But expect todays move should begin the process of testing prior lows from last week near 2611 and below..     Would consider SMH a good short for TECH..   The Airlines- LUV, ALK, JBLU within transports as being good technical shorts..  And the Media-  VIAB, TRCO, DISH, CBS, DISCA which are all very weak-   In industrials. I like UTX, SRCL, EFX, PCAR, ITW short-  let me know if questions