Multiple earnings warnings have dented sentiment and futures are down sharply. Multiple companies have warned on earnings guidance over the first three days this week. The sectors are not connected and suggests there may be more economic softness than originally thought. Homebuilders, chip makers, retailers, etc have all warned. The S&P futures are down -15 as I type this suggesting we are finally going to get the profit taking and consolidation I wrote about over the last several days. Since the small cap sector has been up for 10 of the last 11 days it could be hardest hit if we do get a material decline. I am going to refrain from adding another small cap position today.
New positions are only added on Wednesday and Saturday except in special circumstances.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays