The Dow Jones lost 140.25 points, or 0.8%. The S&P fell 18.06 points, and the Nasdaq dropped 54.37 points, or 1.1%, to 4763.22.
Stocks fell today, wiping out Monday’s gains in another sign that the nearly three-month rally could be on shaky ground. Stock indexes have fallen three of the past four trading days, and the price of U.S. crude oil has declined for three consecutive sessions, losing more than 5% in that period. I think its fair to say that stocks haven’t decoupled from the price of crude.
The U.S.Dollar finally had a decent bounce today and that didn’t help commodities. The strength of the dollar is so important on so many levels right now, so a sustained rally wont be good for stocks, so stay tuned.
Tuesday’s declines followed the fall in oil prices, a drop in Chinese manufacturing and a forecast that growth in Europe will be weaker than previously expected. Shocker.
Sound familiar? It should, because not one thing has changed from a month or two ago when everyone thought the sky was falling.
There really isn’t one good reason right now for the market to even be thinking about making new highs.
I am growing more short term bearish as I see the tepid if not bad action in this market.
It just ain’t happening for tech.
The Nikkei is imploding and they are running for safety in the Yen. NIRP (negative interest rate policy) clearly isn’t working. Acronyms usually don’t. work Whenever you see an acronym, run the other way.
For you MDVN longs, this broke after the close. We’ll see if it has teeth. It would be a perfect move for Pfizer.
One new long idea that I am adding to the P&L tonight. Just take a 1/2 position at the trigger price as I’m not trusting breakouts in this market.
CAB -buy the 53.80 level.
I ended up stopping on SLCA today, but I will buy it back if the metals and mining group can turn it around tomorrow.