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Facebook reported weak numbers last night and the conference call was even worse.  The stock has erased $125 billion off its market cap, the largest market cap loss ever in a day.  Mark Zuckerberg sells between 40-50 million dollars of stock everyday and considering the company continues to get caught in scandals he's stepped up the pace of his selling in the past year.  He's not going to win my vote for best CEO.  It's disappointing that I had this one right but I stopped out ahead of the report.  It happens and we move on to the next idea.  Facebook has now dropped off the top 10 stocks on the Nasdaq 100 attribution list for year to date.  Considering the top 5 stocks combined attributed 74% of the total gain year to date is quite concerning since it is outside of the range in past years of about 50%. Tonight Amazon reports and the setup is similar with low short interest, upside exhaustion signals in play and very high expectations.  This is a very crowded long.  Last quarter they beat earnings with the help of a weaker Dollar.  I doubt they will miss as AWS has been doing well.  Get your popcorn ready for later.

S&P bullish sentiment is now in the extreme zone at 85% yet there are a few upside daily DeMark Countdowns in progress.  I feel any upside from here will be nominal with seasonal risks ahead. Sorry for the late note today.  Been on calls with clients.   

• US Markets - Sentiment, Daily and 60 minute tactical views.  Nasdaq Summation is dropping an early warning
  
• Hedge Fund Telemetry Trade Ideas - A bunch of changes
  
• Facebook and Nasdaq 100 Attribution
  
• Amazon Ahead of earnings tonight
  
• PPO Monitor and Consumer Staples - I promised this would happen
  
• Hedge Fund Telemetry Extend and Pretend Index
  
• American Airlines - Doing what we want it to do
  
• Halliburton - New long idea
  
• Disney Update - On day 12 of 13 with an upside Countdown
  
• Pepsi Update
  
• Currency Update
  
• European Market Update
  
• Global Market Update
  
• Asian Market Update
  
• Crude Update
  
• Gold Update
  
• Bond Update
  
• DeMark Screens - Daily, Weekly, Monthly upside/downside exhaustion signals within the S&P 1500 and Euro Stoxx 600
  

Here's a link to the Hedge Fund Telemetry market sentiment page with 40 charts of sentiment including equities, bonds, currencies, and commodities updated each day.   

SPX bullish sentiment is at  85%

SPX daily

SPX 60 minute tactical time frame is in the 5th upside wave from the June lows

Nasdaq bullish sentiment is at 77%

NDX Index had upside exhaustion signals recently and I am focused on these as a major limiting factor in the overall market

Nasdaq Summation Index weekly time frame is showing internal weakness.  This is an early warning indicator I have used for many years.  

Dow Jones nearing the upside Wave 5 price objective and is on day 7 of 13 with upside Countdown.  

Trade Ideas - sold out of Ford -5%, Covered TWTR ahead of tomorrow earnings +7.75%, added HAL long 2.5%, HD short 2.5%, XLY short 2.5%

FB was on day 12 of 13 with a secondary upside Countdown but when I see clusters of upside or downside Countdown 13's I expect a big turn.  Disappointing not to be in this one (on all my trade ideas there is a mandatory 10% stop set at inception) and to those who reached out and said they kept this short - congratulations.  By the way, this is not lifting like NFLX did which is an important read

Today's NDX attribution page shows good breadth but the weight of FB really is evident

YTD NDX attribution shows the top 5 stocks have done 74% of the work.  

AMZN weekly has both a red Sequential and pink Combo 13 exhaustion and has seen pullbacks or stalling out periods shortly after the signals.  This is a very extended stock

The implied move for tomorrow after earnings is 5.36%  The street is expecting 2.48 in EPS.  Last quarter they beat the 1.25 per share estimate with a 3.27 print.  Sounds great but let's remember it's an $1800 stock.  287 P/E.  

Amazon has 1.03% of the float short and a 1.29 short interest ratio.  Did I mention this is a crowded long?  

XLP Consumer Staples is now on the top of the monitor and recall back in May it was on the bottom.  I told you all this would make its way back to the top and voila!  The PPO monitor spots sector rotation and overbought and oversold situations by force ranking % above/below the 50 day moving average.  If you're on Bloomberg and would like this, IB me.  

XLP back in May was over 5% below the 50 day moving average with a downside DeMark exhaustion 13 in the 5th wave down.  I still like the group however if you are still in PEP,  take profits.(see below)  Hold KO for now.  

This index of 20 wildly extended stocks from Q2 went up 44% and now is fading.  If you want the list email me

AAL is a recent long idea and it is doing what we want it to do after exhaustion signals.  Unlike Ford which I had no patience after earnings.  

HAL had a red Countdown 13 last week and I looked at it but I held off since it was still in wave 3 and saw the downside wave 5 price objective.  I added this to the long ideas after the Combo 13 and now with wave 5 in play

DIS in on day 12 of 13 and I am still long however I will likely be taking it off with the 13

This now has another upside exhaustion cluster and I'd take it off if long

US Dollar bullish sentiment is at 79%

US Dollar Index remains in this range

Euro bullish sentiment is at 42%

Euro Spot is not having a good day today and I want to see if tomorrow it continues

GBP British Pound also is weak today however this still looks like it's range bound for now

Euro Stoxx 50 is having a strong day after the tariff news.  Especially strong are the auto makers which as I showed yesterday were very oversold

German DAX same story.  Let's see if this can build on the gains

Bloomberg World Index reversing a little today after a few strong days

EEM Emerging Markets ETF stopped at the 50 day and I would really like to see the downside red Sequential Countdown complete

Nikkei bullish sentiment is at 78%

Nikkei is mixed with the signals.  

FXI Hong Kong / China ETF stalled and still has a pending Countdown on day 12 of 13.  This would have to be near 42 to trigger

Crude bullish sentiment is at 82% and is getting back into the extreme zone after a quick correction to the mid point range.  

Crude is higher again today and on day 4 of 13 with a red Countdown.  If this can't make a new high we'll have to watch the downside wave count for a move lower.  More on this as it develops

Gold bullish sentiment is at 18% and slightly upticking off recent single digit lows.

Gold still has not completed the secondary downside red Countdown.  Still on day 11 of 13.

Bond bullish sentiment is at 59%

US 10 year yield has a green Setup 9 and this has been good at short term inflection points.  If this is down under 2.91% in the coming days I will double up my bond long exposure

TLT Bond ETF is on day 8 of 9 with a green Setup.  I might be buying back the half position I sold higher.  

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