The markets got whacked for the 2nd week in a row and are now down 5 out of the past 8 weeks, wiping

out all 2018’s gains for the DOW -4.8% YTD, S&P -3.2% YTD, Russell -1.7% YTD, leaving only the NASDAQ with

a small, but positive gains of 1.3% for 2018.  Last weeks’s debacle was a combination of very bad things, like

the new FED Chair Powell, sounding a bit too exuberant about raising Rates in 2018 and a White House that’s

started a Trade War with the World in general and with Japan and China in particular, who happen to be the

largest BUYERS of U.S. TREASURIES that FUND our ever INCREASING DEBT.    Now, these issues are important

enough to temporarily upset the markets, but the reality of why the markets went from a great January to a

horrible February and March, is that the “game” has changed as Investors, are no longer willing to ignore any

bad news and are now looking to take money off the table at the first hint of trouble.  This does NOT mean that

the rally is over, it does mean that for now, Investors are cautious and until we see the 2nd Qtr earnings (around

the second week in April) roll in, the markets will remain choppy and volatile, so keep trading, but with a defensive

attitude.

Over the weekend, Steve Mnuchin, our pasty face Treasury Secretary, went on Trump news, I mean Fox News

and told anyone who would listen, that a deal over Steel was almost done with South Korea and that the U.S.

and China are working toward a settlement to end their tit-for-tat Trading beef.  It would be great for this to end

quickly, but unfortunately the President is busy with Porn Stars and Golf, North Korea and Golf, Gun Control and

Golf, Russia, Putin, Poison and Golf, Ivanka, Jared and probably P.O’d 1st Lady and Golf, so we may have to deal

with a another few rough week’s.  In the meantime, there are plenty of bargains becoming available especially in

the battered Tech’s, Banks and Energy sectors, just buy slowly and only at the right price.

Overnight, the Global markets staged a rebound and in early trading the DOW is higher by about 300pts, with

the S&P and NASDAQ also showing big gains.  The Yield on the 10 Yr is 2.84%, the Dollar is rebounding and Commodities are only showing minor losses after last week’s big gains that had Oil and Gold testing breakout Resistance at $66 and $1350.  Tim Cook of AAPL is calling for tighter Privacy Rules” and I’m pretty sure that won’t be good for the Social Media stocks, so if your going to buy FB on the dip, make sure you use a STOP.

We have a shortened work week due to the Easter Holiday, but we do have some important data to deal with starting with tomorrow’s Consumer Confidence report, Wed’s GDP for 4th Qtr , Thurs is loaded with Income and Spending report, Core Inflation, Chicago PMI and Consumer Sentiment numbers, so full boat.

 

 

 

 

Today’s Early Markets

 

DOW Futures— up 300.00                    London – up 19.58

S&P – up 3000                                      DAX – up 66.76

GOLD—$1345 Apr                                Nikkei — up 148.89

OIL— $65.50 May                                 HangSeng —  up 239.65

 

DOW RESISTANCE 24,000             S&P RESISTANCE 2640

DOW SUPPORT: 23,400                  S&P SUPPORT: 2570

 

$NASDAQ RESISTANCE 7100

$NASDAQ SUPPORT 6990