Complete Thursday Game Plan

Markets seem to be entering a volatile phase again with markets gyrating becoming the norm the last few sessions. For those who feel that the market will not be affected if Bens punch bowl suddenly went dry, is not listening to the benchmarks. They seem to sell off each time that scenario is being whispered. But the markets have been fighting to finish off their lows. At the same time it must be starting to fatigue. The tug of war ensuing between the easy Fed and underperforming hedge fund managers (bullish), may be winning against the overly bullish advisors sentiment and endless correction calls (bearish). The question going forward is how long that narrative will play out. Today we saw continued weakness in defensive plays. KMB cratered 5%, slicing through its 50 day SMA with the velocity of a Matt Harvey fastball. CPB fell south below its 50 day SMA as well. To those who do not like to pay attention to big outside days, CPB had a nasty one a week ago today, when the indexes did the same. The price action is CPB today better make you aware.