Dow: -97.97…
Nasdaq: -31.80… S&P: -7.56…
It’s been wishy-washy so far this week. It’s been more a market of stocks than a stock market meaning some names are running well without a necessarily powerful market.
Very sloppy action today, especially the last 20 minutes.
Some tech has been pulling in after nice moves. Stocks like CRM and AMD would be examples. Its frustrating. Also some stocks with really nice charts are head faking and failing.. LAC would be an example of that.
The SPX, NDX, and Dow appear to me to have very bullish cup and handle type patterns on their daily charts. But it has been going in fits and starts which tells me that all the uncertainty (election, stimulus) is preventing the animal spirits from really stepping up.
Today the Senate’s $500 bln stimulus bill failed to get 60 votes needed to pass, as widely expected; the vote was 51-44.
That wasn’t the big kahuna stimulus that Mnuchin and Pelosi are supposedly trying to agree on. This was the smaller bill to get some money out to folks that need it.
Senate Democrats blocked the bill in a party vote line.
The Senate Republican bill includes more PPP funds, a $300 per week supplemental unemployment insurance benefit and liability protections for businesses. It does not include another round of direct payments to people.
The solar stocks finally broke today as TAN was -8.0%.
Gold & silver were higher today as the dollar has dropped for its fourth day in a row.
Bitcoin is worth watching again as it is starting to run on volume. 15.50-17.50 could be next targets if momentum holds.
Technical patterns are OK, but we are seeing some sloppiness, so you never know what could happen between now and the election.