Before the Open

All too often, the first sharp decline is merely a warning signal of something worse down the road when it comes to the markets. (Warren Buffett didn't sell half his AAPL position because he thought it was going higher.)

The earnings from Apple and Amazon have not saved the day (like they did last quarter)….If the major averages see any more downside follow-through, it will confirm a change in trend for the stock market.

One key group…that is far away from the tech sector…is poised for a very strong breakout move. It could also provide some protection from a decline in other sectors!

There are other very important issues to consider that just the tech sector & the Fed. One could have an extremely important impact on how much net liquidity will be available in the global system in the weeks and months ahead.

Former Fed officials don't make important public comments without a lot of thought...so ignoring their comments can be a big mistake.