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Nasdaq: -9.17… S&P: +1.04…
The moral of the story and the takeaway of the above chart is……….don’t chase takeover rumors.
The market ended the day relatively flat as some interest rate volatility and some caution ahead of the September employment report on Friday kept a lid on things.
Long-term interest rates continued their recent climb despite some dovish-sounding minutes from the European Central Bank’s (ECB) September meeting.
The 10 year note is right at the 200 day moving average. Breakout or fail?
The US Dollar popped above the 200 day moving average today.
The market rolled over at the open today and then rallied back to where it started. This is a sign of a rudderless and indecisive market right now. As I said the other day, a catalyst is needed.
The most troubling and disappointing group is biotech right now. After a threat at highs just recently, the IBB has managed t rollover, and that bear flag on the daily chart broke today.
I stopped the balance of IONS today for an 8% profit and I took the stop on GILD. It acts drekishly and I’ve lost patience. Its fine long term, but i hate when trades become investments.
I also peeled off 1/3 YRD +18% today.