Thoughts {04.12.16}

So I wanted to put up an hourly chart of the S&P 500* today that would have shown a disturbing pattern that has recently emerged.  Market has started showing a pattern of being up early and then selling off as the day progresses.  Yesterday opened up about 3/4 of a percent and then proceeded to sell off.  Same pattern persisted on Friday.  This may be nothing, just a part of the crazy randomness we've seen on a daily basis over the past 18 months.  Yet it is also a sign of distribution-that is when sellers lean heavily into an up market in order to book profits.  Will have to watch and see if this pattern continues.

The International Monetary Fund cuts global growth forecasts again.  IMF thinks global growth will now be 3.4% this year (down from 3.6%}.  I'll take the under on that.  In fact I'll bet true global growth in 2016 will be less than 2%.   

You have three extra days this year to file your taxes.  {Thank Washington DC-the city itself not the Federal Government.}  You can also now pay your taxes at select 7-eleven stores.  Your Federal Government working for you!

*Long ETFs related to the S&P 500 in client and personal accounts although positions can change at any time.