Chinese economic slowdown is adding to interest rate fears, indices are @ low of the day. S&P 500 below 200 DMA.
S&P 500 @ 2759.78, low 2755.18, high 2806.04
Internals are negative by as much as 5 to 1
Oil Down $1.15
Gold UP $3.10
Canadian $ Down 64 tick @ .6920
VIX UP 20.57% @ 20.98
Portfolio AMD ESTC FB HEXO.TO
Most stocks are down
@ 2.03 following are green :
GE ACBFF TLRY CIEN CSIQ YY TK LNG
SPWR ABX AEM GG M .....
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hi Saleem & Stocktrader,
VIX up 20% scary......Got PYPL Nov calls
Explorer
Hi Explorer/all,
Good luck with PYPL calls, although I feel like we're in a mode where even good earnings get sold off...
I regret not taking more action in my retirement portfolio yesterday. It was tough though after seeing such strength into close. I'm still undecided on how I feel about November/December. My base case scenario is still for stocks to drift up those months into year end, so I continue to be fully exposed here, but every big down day challenges my thesis. The only "good" thing about today is that it feels like the kitchen sink of reasons: Fed, China, Italy, Saudi Arabia. This could mean we are closer to a sentiment bottom (but probably not there yet).
Stocktrader
Hi guys,
The thing that will cause the biggest rally in the market though is an important Fed person, Powell preferably, to come out and say that they will look at incoming data, react accordingly, and not be on a preset path of rate hikes (taking off the table a "Fed mistake"). That would be a monster rally that would come too quickly to position well, especially if it happened pre- or post-market hours. That's one of the big reasons to have exposure still.
Stocktrader
Hi Explorer,
PYPL delivered nicely with that 2019 guidance and accelerating monetization of Venmo. I hope this continues working tomorrow for you, and maybe it could give all growth stocks a boost!
Stocktrader
Hi Stocktrader,
Thank you for the note. I am hoping for a big up day some time soon. PYPL had a roller coaster ride immediately after the results were announced but finally made its move higher & with upgrades it will be interesting tomorrow.
Explorer
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