Daniel wrote:This is a wierd day sector-wise. Abnormal correlations.
As ccash04 noted earlier, semis are getting crushed. And this was the Opening Report from Briefing.com:
"Most S&P sectors are in the red, with consumer staples (-2.5%) pacing the retreat. Within the group Dow component Procter & Gamble (PG 74.87, -2.61) is down 3.4% despite reporting above-consensus Q1 earnings, and tobacco giant Philip Morris (PM 87.49, -13.67) has plunged 13.6% after missing Q1 revenue estimates."
Odd pairing, the aggressive semis and the 'defensive' staples sector.
I think this is why it feels like a range day on the indices. Even mega-tech companies, AMZN is flying and AAPL is pooping the bed (reason why semis are down).
Bonds is where they fireworks are today. TNX grinding higher towards 3%
Everyone on Wall Street is looking at Al Dente's blue box. TNX is proving very resilient.
However, for today, both XLF and DJUSFN (Dow Jones U.S. Financials Index) are backing off their most recent intraday highs. Hard to know which is the leading and which is the lagging, but XLF etal and the yield trend are closely correlated, and moves are most reliable when their messages are congruent, and inverse.
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AAPL weighting update:
4/18/18 AAPL is 11.5% of QQQ (#2 is MSFT at 9.53%, #3 is AMZN at 9.49%)
4/18/18 AAPL is 3.9% of SPY (#2 is MSFT at 3.2%, #3 is AMZN at 2.66%)
4/18/18 AAPL is 4.95% of the dow (its #6 heaviest weight)
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
QQQ: TOP TEN WEIGHTED STOCKS
as of 4/18
Apple 11.58%
Microsoft 9.49%
Amazon 9.53%
GOOG 4.81% and GOOGL 4.12% (together 8.93%)
Facebook 5.12%
Intel 3.21%
Cisco 2.76%
Comcast 1.98%
Netflix 1.86%
Nvidia 1.84%
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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fehro wrote:SPX INDU <50d .. look to 20d … COMPQ NDX near 50d .. SPX loose Tues gap.. look to Mon gap.. 2665/75 that goes.. all bets are off look to 200d
watch for possible H&S for uber bears same pattern possible SPY 4 day 5m.. we bounce here RS to 268.95
QQQ and SPY both bounced off their (downslope) upper Bollyband yest. Like syncronized swimmers. With today (so far) showing no sign of a snapback rally, the general course of movement is to the midline of the bands (20day MA)... and then price decides whether it has corrected, or needs to fully extend to the lower band.