S&P 500 short gains of over +100 ES points (and over +500 NDX pts) were made before the opening bell – and rebound‘s veracity made me still at the very beginning of the session conclude that Friday won't be a day of fresh retest of the lows, i.e. that the sellers wouldn't muster enough strength just yet. The strength demonstrated was though somewhat more than about bringing the buyers back into the game.

This goes beyond consumer stocks (both discretionaries and staples) – it was about financials anyway, and we‘re waiting for Dimon‘s words about there usually being more cockroaches than one, so the worries about regional banking fraud and impact on the financial system, goes on, let‘s get early in the week some earnings that either instill sense of calm, or of the fear not being one-off.

And how are earnings overall doing? Fine, very fine, the trouble is fear‘s impact on valuations – and the fear isn't about the consumer, but credit quality and what might be discovered there down the road.

If there is an intermarket sign, it‘s the bid coming off and away from the precious metals (Trading Signals clients were warned early Friday this would happen), and also continued Bitcoin weakness (where is that crypto leverage of Nasdaq, and where are Nasdaq heavyweights?).

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