“Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.” – Charles Dow
My favorite lawn gnome, Janet Yellen, was asked today by some Congressional hack …..”Ms. Yellen, what is your definition of full employment?” The lawn gnome replied, and I kid you not……are you ready???? “I DON’T KNOW”.
I went to my attic, stepped over some of the dead bodies that are still lying around up there, and even I could find the answer in the ole Eco 101 book. I’m sure we’re fine as she continues to financially navigate our country into a cosmic sized wood chipper.
The market ended the midweek affair on a lower note as investors showed caution ahead of ….(fill in blank). Yes, you guessed it, the Brexit. The “Brexiters” are leading the “Bremain-ers” right now by a small margin. Contributing factors impacting today’s trade included a downturn in oil and divided sector leadership between health care & technology.
Bottom line, it was another snore fest.
Biotechnology outperformed in the health care space (+0.3%), evidenced by the 0.7% gain in the IBB. The ETF trimmed its monthly loss to 8.3% as the Medicare decision eased pressure regarding the group’s drug-pricing. More on that here.
Here’s a look at the pop on the news on the 5 minute chart.
Shares of TSLA fell 22.95, or 10%, to 196.66 after Elon Musk made a bid for Solar City SCTY. Many think the deal is ridiculous, if not out right incestuous as TSLA got crushed, warming the hearts of short sellers everywhere. I believe Musk is now eyeing Vinny’s Solar and Burritos up on the Grand Concourse for his next big splash.
We should see more sideways action tomorrow unless the polls REALLY swing in favor of the “Bremainers”.
See you in the morning.