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Welcome to the weekend, everyone.

We've got a couple of different things for you today, but I want to begin with the most important one -- keep your eyes peeled Monday morning for a new trading idea. We've been doing to rather deep research on the red-hot wearable market and have come across a name that's quietly positioned to do what many thought Fitbit (FIT) was supposed to so, but never did.... just because it couldn't.

I can't give you the company name yet; you'll just have to wait until Monday. I will whet your appetite just a bit though, and paint the backdrop.

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Another crazy day for markets on Thursday. That's not to say the 0.53% gain from the S&P 500 (and a similar gain for the NASDAQ) was unusual. But, given the circumstances of being so overbought as well as overvalued, it is pretty amazing the major indices were able to plow a little further into record-high territory for the fourth day in a row. All things considered, it's not the way the market should be behaving right now. Yet, there it is.

Anyway, after a long internal discussion with the entire SCN crew today -- the kind you don't really plan but end up being glad it happened -- I was inspired to pass along to you some of the things we hashed out during the impromptu meeting. In simplest terms, we figured out what was wrong with the market, and why. Unfortunately we couldn't come up with a fix; there may not be one. At least knowing what's wrong and what's right about the market right now is still helpful still though.

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Hmmm. Not exactly the best day for stocks, though not the worst either. Then again, all big trends start out as small ones, and today's weakness may well be the beginning of something far more alarming.

Nothing about what happened (or didn't happen) today should be a surprise to any of you though. We've heavily leaned on our in-house professional analysts for the past few days, and as you may recall, most of that analysis was on the pessimistic side. Today, those calls look like they're starting to bear fruit.

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Hello everyone. Well, if there was any doubt as to the validity of Monday's foray into record high territory for stocks, it should have been wiped away by today's deeper push into new highs. Of course, that would be how the market could best fool most people, wouldn't it? Get comfortable above the prior peak level, make the masses think everything is alright, and then WHAM! The boom gets lowered.

I guess that's the long way of saying we still don't entirely trust this market, unsure of how much valuation room there's left to grow into.

In any case, t he first thing we want to do today is make sure you saw the news about Sack Lunch Productions (SAKL), and then make sure you saw the way SAKL shares moved in response.

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When I start to write this newsletter every afternoon, I almost always know what we're going to say to you. Today, however, threw me for a loop. While I'm not surprised great jobs numbers sparked a big rally that at least pushed the S&P 500 into new-multi-month-high territory, I find myself very conflicted about how we truly see where the market is going from here.

And then it hit me like a ton of bricks... we've got access to some of the world's most brilliant minds, in-house and elsewhere. Why not just collect some of their perspectives and let you start piecing together your own thoughts?