Monday Market Wrap

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For the day the SPX/DOW were -0.50%, and the NDX/NAZ were -1.25%. Bonds lost 5 ticks, Crude rallied $3.20, Gold soared $45, and the USD was lower. Medium term support remains at 2019 and 1973, with resistance at 2070 and 2085. Tomorrow: Construction spending and Auto sales by 10am.

Equities faced selling pressure from the opening bell after the overnight session reminded investors about persistent growth concerns around the globe. In Asia, China’s HSBC Manufacturing PMI fell to an eight-month low (50.3; expected 50.5) while Japan’s debt rating was lowered at Moody’s. Making matters worse, Germany’s Manufacturing PMI slid into contraction.

The energy sector (+0.8%) was the only cyclical group that finished ahead of the market thanks to a rebound in crude oil. Crude rallied 4.1% to $69.02/bbl after marking an overnight low at $64.00/bbl.

It was a lousy kickoff to the new month. Lets see if the bulls can regroup tomorrow.


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