The Stock Market is Ripe for a Material Near-Term Pullback

"Sell the news" in Tech...and Lower Net Liquidity...is Not a Good Combination

• This morning’s weakness in the US stock futures…is following some disappointing action in the tech sector (below the surface) recently…and a drop in some key indicators for the level of net liquidity in the system…….This reinforces our thinking that the stock market is ripe for some sort of material pullback over the near-term…no matter where it’s going over the intermediate/longer-term.