Consolidation Day

Dow: -131.40…
Nasdaq: -32.28… S&P: -16.13…

They pulled some bids today in front of the election. Sellers, meanwhile, made their presence known in the S&P 500 energy (-2.7%) and financial (-1.2%) sectors, more so the energy space given its outsized decline amid weaker oil prices ($39.20, -1.34, -3.3%). 

Interesting flow data that shows what hedge funds did ahead of the last election, how they were positioned and what they did post-election.

One key finding: they were buying tech and selling financials going into the election and positioning was extreme in that direction, and then flows started reversing rather dramatically post-election.

Most sectors were red with the exception of biotech today (XBI) which showed good relative strength +1.3%.

A coupe of highlighted names ZI and AMD outperformed. ZI missed that gap fill target by just a couple of pennies.

We’ve seen some bullish action for the last three days. I don’t think tonight will upset that too much.

Enjoy the debate if that’s your thing. Do a shot every time you hear “tax returns” or “Hunter Biden”. You’ll be hammered twenty minutes in.

Previous Post
Weekend Review
Next Post
Stimulus Talks Are All Over the Place

Recent Articles