Thursday mid-day Video- Short- 5 min- SPX, TUR
Link to Thursday’s Technical Webinar- discussing SPX, NDX, XLF, XLI, XLK, Europe
Link to My Bloomberg Interview with Abigail Doolittle, 8/15/18- - Discussing whether EM carnage could lead to contagion in US
Markets have risen above the last couple days highs, while bond yields have also risen and a minor bounce in both WTI and the Metals. So nearly opposite of what happened yesterday on all.
Breadth is a much stronger 4/1 positive today.. and while structural issues remain with the indices and with sectors like industrials, financials, these have made sharp snapbacks today that are adding 1%
Staples and Telecom are the best performing sectors, though all 11 sectors are positive which is the first time in the last couple weeks we’ve seen some broad-based strength.
Being above 2843 keeps near term trend positive while any pullback back down under 2825 would put bearish scenario right back on the front burner.
Unfortunately the last month has been largely range-bound with huge spikes in both directions, so a source of concern for both bulls and bears given the lack of any real trend.
New longs to consider: SQ, TNDM MNST, LH, MDT, AMH, GRMN
Shorts: use bounces in CVS, PCRX, CZR, WYNN, LVS, WYND, MAR, SDRL, ITW to sell
XLK- Not the best picture of stability, but trends held where they needed to yesterday and now today’s snapback
2 areas of support- 72.15.. and then 70.32
TUR- Bounce tentative. Mnuchin saying US will put more tariffs on Turkey causing 3% decline today in TUR, as this has turned back lower, despite some stabilization in most of the world in EM