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no idea up or down from here. probably a range day.
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Zerohedge is reminding us that the great cash machine is turning off prior to third quarter earnings with 18 % of the S&P currently on buyback lockdown. So we are entering that couple of week period where bad news will actually make the market sell off.
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Energy and materials are strong, precious metals holding up gaps.
From Briefing.com:
The consumer discretionary sector is the worst-performing group in early action with a loss of 0.7%. Within the space, Amazon is particularly weak, down 1.7%, and Dow component McDonald's is down 2.5%.
The top-weighted information technology space is down -0.4%. Apple is down 1.3% while other giants like Facebook and Alphabet are down around 0.5% apiece. The Philadelphia Semiconductor Index is lower by 0.2%.
My usual disclaimer, product does not necessarily lead to a good investment. Most of my family uses Apple products. That said who would buy more at this point other than Tim Cook for the company treasury. Also isn't the earnings before winter holidays less than favorable for them? Not that I would dream of shorting a religion, but with a weak consumer sector (market wise) reported by todays price action then isn't Apple the King of consumer discretionary stocks?
testing Friday low. rebound then it's range day, decisive breakdown then it's a down trend day. let's see.
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now let's see if it's a typical breakdown then sharp rebound. I say, at least this bear shall have legs.
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if indeed like i said this bear shall have legs then it should pullback around here, let's see.
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QQQ under 183 is perilous for bulls, in a week that is seasonally one of the most bearish.
182.75--183 is currently a nexus of trading-timeframe MAs... as well as a prior breakout level, and previous support and resistance. The FAANG stocks are doing particularly badly today... while SMH has already recovered most of its opening losses.
We are in the 30 days prior to earnings buyback blackout period. You know the one Goldman says is important but Bob Pisani says is a myth. Next couple of weeks FANGs are trading without buybacks. Or as Uncle Warren says, tide is going out we will soon know who is swimming naked.
pullback as expected. now good signal bar so wait to see whether bulls can make a higher low trend reversal here.
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Trades with cats wrote:We are in the 30 days prior to earnings buyback blackout period. You know the one Goldman says is important but Bob Pisani says is a myth. Next couple of weeks FANGs are trading without buybacks. Or as Uncle Warren says, tide is going out we will soon know who is swimming naked.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
EARNINGS DUE (better double check these):
GOOG Oct 22
MSFT Oct 18
AMZN Oct 25
FB Oct 24
INTC Oct 25
AAPL (not sure, sometime around Oct 31)
CSCO (not sure)
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Mobile trailer full of pharmaceuticals trolling the Florence flood area
[bloomberg]
Supposedly for folks who can’t get their prescriptions filled
Oy, why does that raise red flags?
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.