The market kicked off to the downside today for a few reasons. The Organization for Economic Cooperation and Development on today warned about falling growth in trade, levels it says “historically occur with recessions.”
The Dow Jones Industrial Average fell 180 points, or 1%
China also reported that its growth fell for the fourth consecutive month and Europe was also weak from the open.
The market has had quite a run off the lows, so its natural for the market to take some profits. The difference between this pullback and others in the past is that this time interest rates are rising. The 10 year note and the dollar continues to move up and that adds a little fuel to the fire for the sellers.
ADRO triggered today and I added EDZ as a new long intraday.
Lets see if the bulls can turn it around and pull off a turnaround Tuesday tomorrow. I’m watching ONCE and ISIS