China’s PMI Manufacturing reading came out overnight and was the lowest reading since March 2009. So the world’s 2nd largest economy is struggling and that is weighing on the global economy, commodities and markets.
In today’s Weekday Market Wrap video we check in on the German DAX, Shanghai Composite Index and the Hang Seng Index. Yesterday the DAX closed below the August 24th sell-off close. The U.S. indices haven’t done that yet. Continue reading
After the pause day yesterday, the sell-off resumed with a vengeance today. At one point the DJIA was down nearly 300 points. Declining stocks led advancing stock on the NYSE by 4:1 and the number of 52 week new lows on the NYSE was the highest since Aug. 26th. In today’s Weekday Market Wrap video (below) I look at all the action. Continue reading
Market action today looks like a pause in the selling. The DJIA was up 125 points and the SPX up 9 points. Biotechs got hurt today in some serious selling. In tonight’s video (below) I look at both the IBB and XBI ETFs.
I also review the trade ideas. NFLX trade idea opened today and there are 4 new trade ideas on IBM, KORS, SCTY and WFM. Continue reading
The new Trade Ideas Video is posted below. In this video I review the trade idea that was closed on LUV, two that were opened on FEYE, BABA and one that is open on CAT. Two new trade ideas on NFLX and SNDX are also discussed. Continue reading
On Thursday the DJIA and S&P 500 (SPX) put in reversal bars. We got the follow-thru on Friday with the DJIA down nearly 300 points and the SPX down 32 points…the biggest down day since Sept. 1st. Now we have a similar reversal bar for the week.
The market had reached an overbought extreme with the 3 week counter-trend move. Based on Elliott Wave count, Put/Call extremes and other momentum indicators there is still more selling to come.
I go into all of this in the detailed Weekend Market Analysis Video below. I also review the weekly charts of American Express (AXP), Bank of America (BAC) and Goldman Sachs (GS). Continue reading
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