Dow: +30.06…
Nasdaq: -33.13… S&P: -3.73..
It was just another one of those days. I’m still bored to tears and I’m getting the feeling we will see a lot more of this action until the election is over.
Apple (AAPL) traded lower following its fourth-quarter report and outlook. CMG got taken to the woodshed on a bad report, down 37 points or 9%. I hope Bill Ackman at least got a 20% off card out of this one, as he systematically implodes his hedge fund. I’ve been there when it all goes wrong at once and it sucks.
Oil struggled despite upbeat EIA inventory data, and yields rose. Earnings reporting season remains in high gear and the heavily-weighted health care and technology sectors underperformed today.
Speaking of biotech, it didn’t do a damn thing to get me excited today, although it did show a flash early in the day, it still looks shaky at best. Biotech charts all look the best in a hot market, but its amazing how they look the worst in a flat to down market. Right now the vast majority look like shorts to be honest. But be patient, because the worm always turns with biotech and it will again this time.
See you in the morning.
It took two years to do this 6 minute time lapse of LA. I thought it was beautiful. Check it out