Dow: +10.92…
Nasdaq: -39.87… S&P: -7.06…
It was a down day, for the most part, today as the market shook off the recent up move. I told you to expect some down to sideways action short term as we shake off the rally move. It’s normal. It’s consolidation. The McClellan Oscillator also got overbought.
Some will say that the lack of follow-through buying suggests a possible overreaction to post-midterm jump. We can’t go up everyday folks. We are short-term overbought, so this action is normal if we are going higher. The sideways action is good. Some things are hard to figure, but I’m going with the charts, positive seasonality and decent price action for now.
NBEV is 15% lower in aftermarket trading, In September and October 2018, the company sold 8,088,565 shares of common stock. The market is viewing this as a negative. Don’t sell it at the open, I will keep you posted.
I don’t like stomach punches, but these news releases are usually overreactions at the open.