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As I sit here and watch another challenger fall into the water on Ninja Warrior, I’m thinking about two items I need to post.

1. I wrote this afternoon that, “I’m positioned heavy in the index long mutual funds and am loaded up on QLD and EWM.” I made a typo with EWM (thats the Malaysia ETF Fund). I meant UWM.

2. FRE – They report before the open. The Fast Money crew think the numbers will be attrocious. This might be the excuse for the day to FADE THE FED move. This is a popular pattern I’ve referenced before. The upside action today was pretty large and that could warrant profit taking. Again, I’ll buy it, however, depending on how deep (if we go down at all). In fact, tomorrow could bring a lower open, lower morning, then a move higher into the close. The market is acting extremely resillient lately and tomorrow morning will likely provide another test of the resilliency.

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