Dow: -53.01…
Nasdaq: +6.71… S&P: -3.43…
The stock market ended a downbeat week on a flat note as commentary from the Jackson Hole Symposium boosted U.S. rate hike expectations and weighed on the major averages
Yellen indicated that the case for a rate hike had improved in recent months, but she also acknowledged that monetary policy is not on a preset course. Translation? We’ll just continue to wing it and go with the flow.
The S&P 500 (-0.2%) pared losses in the final hour, reclaiming technical support near the 2168/2171 price level. Despite the rebound, seven sectors ended in the red with the defensively-oriented telecom services (-1.1%) and utilities (-2.1%) . On the flipside, heavily-weighted financials (+0.1%), technology (+0.1%), and health care (+0.4%) outperformed.
I added CAT short today which triggered, and MDR long at 5.32 which didn’t trigger yet.
Also, TLND came almost all the way back from being down 20% in pre-market trading today. It didn’t trigger a stop because it gap opened below our stop. When that happens we monitor it and see how it trades.
I will have the market video released over the weekend. Have a great weekend.
Joe