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The pullback for now looks like a bull flag so probably will be bought.
Gap down below the Friday's low so could be a trend day, either up or down.
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Decisive breakout so it's an uptrend day, at least this bull shall have legs.
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BUYBACKS:
10/17 [all info from GS]
"Corporate buyback dry powder is the largest incremental buyer in the market…. Also retailers
"Bond inflows have now slowed to zero and credit logged their first outflows. $ looking for a home?
"November is the #1 month for buyback executions, November plus December is the best two month period of the year for executions.
"In Q4, the GS buyback desk estimates +$230B repurchases, this is broken down by +$70B in October during the blackout window … and +$160B in November and December.
"11/1 is the defacto start to the buyback window (65% of corporates are in the open window)
"11/8 is the GS official start to the buyback window (90% of corporates are in the open window).
"The $160B of repurchases in the last two months of the year is ~$3.80B per day, every day. This is significantly front loaded into November (and should pace above >$4B).
[Pasta here: I think Goldman has the largest buyback desk on the street but I'm not positive]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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