Morning Market Look & The “No Taper” Rally Has Been Retraced



Futures are flat while crude and gold are down this morning. On the heals of Wells Fargo’s mortgage layoffs a couple of weeks ago, Citigrioup ($C) just fired one thousand workers in its mortgage area due to lack of demand. Today Lennar ($LEN) and KB Homes ( $KBH)  report their earnings.

The U.S. Dollar is in breakdown mode again.  It  is now breaking uptrend support, and it 50 day moving average crossed down below its 200 day moving average.

The financials have been weak and $JPM continues to get sued by the government.

Looks like Blackberry ($BBRY) got a sympathy bid yesterday. Please make this story go away. Enough.

Applied Materials ($AMAT) and Tokyo Electron will merge.

All of the no-tapering FED rally has been completely retraced now, and things are getting interesting.

Have a great day.

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