Is Gold About to Takeoff?
The market was down again today with the DJIA down 78.6 points and the SPX down 6.5 points. The DJIA was down about 250 points at one point this morning but clawed its way back. One interesting development is the move up in gold.
In tonight’s Weekday Market Wrap video I look at the overall corrective waves of GLD from both a weekly and daily view. Also tonight I look at 4 trade idea stocks that hit their second targets today, CAT, FEYE, BABA and SCTY. CAT announced layoffs and revised down their revenue forecast. 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.
The stock market is waiting on the Fed this week and China continues to produce weaker than expected economic numbers. This combination led to a down day on Wall Street and the most compressed day of the last 18 trading days.
I feel like I’m at Yellowstone National Park as the geyser blows sky-high with the DJIA up 390 points today. A little bit of pressure release from a 3 day weekend with no major negative developments.