The Wrap 9/27/20

{+++}Stocks had looked like they might muster a slight gain in the final hour of trade, but a late-session selloff led stocks to finish at their lows with broad losses. Eight of the ten sectors were in negative territory, led by financials (-1.2%), health care (-0.8%) and industrials (-0.8%), while telecom (+0.9%) and utilities (+0.01%). Tomorrow morning before the open, no economic reports are scheduled to be released. Big dat flow will not heat up again until Thursday.

Today was probably nothing more than  another consolidation day for the bulls. The S&P tried to break the 1150 level, but failed and Bob Prechter came out of the woodwork to warn of Armageddon in the markets. The market sold off a bit, but I don’t think it had anything to do with him, the gains needed to be digested. I am still agnostic about this market and frankly have no idea why we are where we are , but you can’t fight the tape.

I peeled off some more longs and added FAZ as a hedge/directional bet. The market is out of  ‘Tepper’s’ and I think we could see some sideways to down action in the coming weeks. We’ll see.

In the spirit of following the mojo and the momentum, I am adding two names long that still look promising.

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