© 2019
The oft repeated narrative today infers that stocks closed lower for the second straight day as
investor hopes for deep rate cuts fade.
Really? BA and AAPL accounted
for 53% of the point
decline in the DJIA on Tuesday. Do
you really think selling today in BA
or AAPL is due to hopes fading for
rate cuts? Really?
The DJIA, closed down 115 points at 26,806, led by weakness in BA, AAPL, MMM, GS and UTX.
Closing above 26,000 above for the twentieth straight day.
Five of eleven sectors were higher on Monday, led by real estate XLRE +0.37% and utilities XLU +0.15%.
SPY down 1.64 at 296.82 on 45.8 million shares, 21%
below average volume. Down on lower
volume.
VIX up .68 at 13.96
Oil down .16 at 57.57
TLT up .18 at 132.61 on 6.4 million shares.
NKE +1.91%, PG +0.80%, led the DJIA, 10 advancers, 0
EIX +3.14%, BHGE +2.61% and ZBH
+2.45%, led the SPX.
WDC +2.78%, MU +2.51%, SYMC +2.44% and ULTA +2.24% led the NDX.
Long term up
trend intact. 3-day short term trend is sideways.
Up:
Down: DIA,
SPY, QQQ, IWM,
Breadth weakened
on Monday, as decliners led 1,844 to 1,030 on the NYSE and led 2,174 to 923 on the NASDAQ
The SPY
MFC green line is pointed up in the upper zone at 96 and is short-term
bullish.
Uptrend sectors: XLP, XLY, XLK, XLB, XLRE, XLU, XLI, XLC, XLV, XLF,
Neutral sectors:
XLE,
Down trend sectors:
The 6-month intermediate
trend is up. The ten-day trend is up.
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Sideways
23 of 100 NDX stocks closed higher on Monday.
87 NDX stocks are above their 30 DMA: PEP, CERN, CTAS, CHTR, IDXX,
XRAY, TTWO, MELI, MDLZ, WLTW, AMGN, COST, HAS, ILMN, SBUX, VRSN, EXPE,
FISV, INTU, PCAR, PYPL, SNPS, LBTYA, MSFT, MXIM, ROST, BKNG, CTSH, EBAY, GILD,
ISRG, MAR, AAPL, ADI, AMZN, CDNS, DLTR, INTC, WBA, CTXS, UAL, AAL, ATVI,
LULU, SIRI, FB, TSLA, VRTX, ADBE, INCY, SYMC, AMAT, ASML, AVGO, JD, KLAC,
MCHP, NFLX, NVDA, NXPI, SWKS, TXN, WYNN, XLNX, ALXN, KHC, MNST, QCOM, WDC,
MYL, AMD, CTRP, MU, ADP, CHKP, FOXA, JBHT, VRSK, CSX, ADSK, CMCSA, GOOGL,
WDAY, CSCO, ORLY, ADP, TMUS, ULTA,
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 7
BIDU, BIIB, FAST, HSIC, LRCX, NTAP,
NTES,
2 comments:
Good point about AAPL and BA hoping for rate cuts! Very clear/helpful.
I really wonder if they actually look at the data or if they simply use a magic 8 ball to tell them what to write on a given day. :-) DJ
Post a Comment