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The stock market will head into Friday with a week-to-date loss of almost 4% after an ugly jobless claims report sent stocks on their third straight slide. After the close, ADSK, JWN, NVDA reported.
Six of the ten sectors were in negative territory, led by tech (-1.7%), industrials (-0.8%) and financials (-0.6%), while telecom (+0.9) and health care (+0.4%) were higher.
Tomorrow morning, fiveeconomic reports are scheduled to be released before the open including: 1) CPI (Consensus 0.2%), 2) Core CPI (Consensus 0.1%), 3) Retail Sales (Consensus 0.5%) and 4) Retail Sales ex-auto (Consensus 0.2%). 5) Michigan confidence
Japanese shares are edging lower after a choppy opening, as concerns about the U.S. economy weigh on auto shares, although a weakened yen boosts some technology-exporter shares.
Things are very on edge right now, and it’s hard not to resist the temptation to go all in long or short. The market couldn’t retake 1088 although on several occasions it did try to make an attempt. I could make a case long and short so for now I want to observe, naturally I will alert you if I see anything tomorrow.
For now, we have morphed from a buy the dip to a sell the rip market. That always happens during a corrective phases. There is a fair amount of data on the docket tomorrow and i could result in some volatility.
A name that unfortunately stopped that looks good is: HGSI, other strong names include AMLN and GMCR.
I’ve added BVF back on the list tonight as a long, please check the P&L for any stop adjustments. Have a great night and I will see you in the morning.