Scalper1 News
Major averages fell yesterday on higher volume. While the NASDAQ Composite is now back below its 50-day moving average, the S&P 500 pulled down into its 50-day line on lighter volume in constructive fashion. The Dow Jones Industrial Average came in the weakest as Wal-mart (WMT), one of the Dow 30 stocks, had one of its worst days on record on disappointing revenues. The market is essentially a highly rotational mixed bag as yesterday saw retailers get slammed while many semiconductor names like INTC, NXPI, and others rallied sharply. Thus making consistent progress long or short is very difficult in the current environment, which argues for a less aggressive approach as the market continues to sort itself out. Futures are up almost 1% at the time of this writing as the markets in China and Europe rally on relief that the Federal Reserve will most likely not hike rates this year. CME FedWatch puts the odds of a rate hike at the Fed’s next three meetings as follows: Oct 28: 2% Dec 16: 33% Jan 27: 41% Scalper1 News
Scalper1 News