Brief post tonight as I am travelling but will be back at it tomorrow. It was a down day as the market absorbed a 3% 10 year yield for the first time in a few years and worries about trade/NAFTA persisted.
The Dow dropped 431 (-1.8%) points and the SPX dropped 36 handles or -1.4%.
The Nazzy was -2.15.
I’m not gonna lie….it was ugly and the 50-day moving averages continue to move further away. The SPX is only about 15 points from testing its 200-day day moving average again and may get there in the morning if the bulls don’t decide to step up overnight.
Today was a busy day for Dow earnings and CAT, MMM & LMT all proceeded to screw the pooch and this weighed very heavily on the Dow.
GOOGL dropped 4.7% after sluggish earnings and AAPL, for now, is in a mini freefall.
Netflix, which had great earnings and gapped way higher last week, not only filled that entire gap but went 10 bucks lower than that today.
Well, we have yet another shot to buy the dip, but you have to wonder if they don’t just flush this thing out one more time to keep everybody honest.
The VIX popped 11% today and there wasn’t any real green out there with the exception of utilities. The 10-year note closed at 2.98% after trading above 3% earlier in the day. The dollar was about flat after its recent move higher.
See you in the morning.