This is being written Thursday evening after a disastrous day for stocks, bonds, and commodities. Will someone please explain what the Fed is doing and stop blabbering when you haven’t a clue and before YOU bring on another recession. Just going to give you some key data…read ’em and weep! This is sick! The data is incomplete since I am on the road but you’ll get the point!
NYSE Volume 4.84B shares…huge vs. an average 3.54B shares…note once again: BIG VOLUME, BIG DOWN DAY!
S&P VIX ROSE to 20.49 +3.85!!! /definitely bearish!
Advance/Declines: MINUS 17.5x vs -5.6x on NYSE and -5.9x vs -2.6x on Nasdaq
Breadth was worse: Minus 18.6x vs -11x on NYSE and -8.2x vs -2.2x on Nasdaq – HUGE NEGATIVES!
New 52 week highs PLUNGED to just 65 vs 257 while New Llows exploded to 550!!! vs 143 – this is serious stuff!
Now the key indices – al down MORE THAT 2% and solid negatives for two straight sessions: DOW -2.3% vs -1.4%; Dow Transports 2.3% vs -1.4%; Dow Utilities, the goat, -2.9% vs -2.3%!S&P 500 -2.5% vs -1.4% Nasdaq Composite -2.3% vs -1.1%; NDQ 100 -2.3% vs -1.2%; Russell 2000 -2.6% vs 1.4% – it was literally a bloodbath and what you get when honest investors are controlled by high frequency SPECULATORS…is this the market you want?
Now some key sectors: DOW REITS 4.25!; Nasdaq Biotech -3.9%; Philly Semiconductor 3.1%; Philly Housing 5.2%!!!; NYSE Financials -2.7% vs -1.4% (Brokers -1.9%; KBW Banks -1%; Nasdaq Banks -0.5%. Wake up, fools! BofA was most active again falling to $12.89 -.30 or 2.3% for first close below $13 in months; GE -2.3%!
I was not going to be a permabear and it still might work tomorrow…slammed again at first and then you had better hope for a big rally following expiration!
May you do well…