Dow: -84.03…
Nasdaq: -34.90… S&P: -12.00…
The stock market ended a relatively quiet session on a lower note as volatility in the foreign exchange market and some hawkish-sounding talk from a few Federal Reserve officials pressured the major averages out of record territory.
Crude oil closed at fresh 5-week highs, extended gains for the fourth consecutive day. The next OPEC meeting will take place in Nigeria Sept. 26-28 and the EIA petroleum data will be released tomorrow morning.
Gold and silver moved higher on a very weak dollar.
One sector that has been jumping out at me for the past week is utilities (XLU). I have been tempted to short them and now I wish I had. As higher rate chatter grows roots (also very overbought), the sector is coming down. I have mentioned SDP in the past to play this, so I’m watching this closely.
Today was an off day for the market and its possible that it will continue to let some air out over the next couple of days. If that’s the case, then some of our very profitable trailing stops could get hit, but that s good thing as it clears the infield for more setups.
I took partial profits today on ECA, DVN and QURE. The latter popped a quick 10%.
I also stopped LB at a loss. I thought earnings were tonight for LB, but they are actually tomorrow night. In any event I would have been out either way.
Please check the P&L tab tonight as I have adjusted many more stops.
********Housekeeping
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