© 2019
US/China High Level Trade Talks resumed on Thursday.
Upcoming:
Fri Oct 11 – US/China High Level Trade Talks continue
Tue
Oct 15 – Earnings Season unofficial start with JPM, C, WFC, GS, JNJ, UNH, UAL,
SCHW, JBHT, PGR, BLK, FRC, OMC, PLD,
Wed
Oct 30 – next FOMC Meeting Announcement
Thu
Oct 31 – Brexit deadline
SPX
closes at 2,938,
down
-2.77% from
Sep 19th 3,021 high and up +2.88% from
its Oct 3 low of 2,856.
SPX opened
flat after a volatile range in the ES futures overnight after a series of inaccurate,
misleading and conflicting media reports.
The
dismal failure of media organizations to get it right indicates that something
is dysfunctional in their process.
Whether it is laziness, conflicts of interest, money, doing anything
even inaccuracy to gain readers, the drive to be first even when inaccurate or
other variables is hard to identify without more research. Maybe it’s just innocently believing that
every unnamed source is sharing information out of the kindness of their heart,
couldn’t possibly have a conflict of interest or an ulterior motive, and it
must be accurate because they want to remain unnamed.
The
SPX followed through from Wednesday’s bounce closing
up 18 points recovering the balance of Tuesday’s 45-point selloff, and less than a point from Monday’s close.
The DJIA, closed up 150 points at 26,496 led by strength in CAT,
AAPL, GS, HD and UTX. Closing below 27,000 for the fifteenth straight day.
Ten of eleven sectors were higher on Thursday, led by XLE and
XLF.
SPY up 1.97 at 293.24 on 57.2 million shares, below average volume. Up on lower volume.
VIX down 1.07 at 17.57
Oil up 1.21 at 53.86
TLT down 2.15 at 142.20 on 15.0 million shares.
GLD down 1.24 at 140.81
CAT, DOW, WBA led the DJIA, 22
advancers, -5
FCX, QRVO, SWN led the SPX, 393 advancers
SWKS, NFLX, BIDU, ALXN led the NDX, 86 advancers
Long term up
trend intact. 3-day short term trend is sideways.
Up: QQQ,
SPY, DIA, IWM,
Down:
Breadth weakened
slightly on Thursday as advancers led 1,818 to 1,111 on the NYSE and
led 1,732 to 1,336 on the NASDAQ
The SPX
MFC green line is below 80 and is pointed up today at 46 and is short-term
bullish.
Uptrend sectors: XLU, XLRE, XLP, XLK,
Neutral sectors:
XLY, XLC, XLF, XLI, XLB,
XLV,
Down trend sectors: XLE,
The 6-month intermediate
trend is up. The ten-day trend is down.
3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market Trend: Sideways
86 of 100 NDX stocks
closed higher on Thursday.
41 NDX stocks are above their 30 DMA: KLAC, AAPL, ASML, DLTR, CTXS, HAS,
ROST, CTAS, ALGN, ULTA, ATVI, CELG, CHTR, NVDA, PEP, XRAY, CHKP, COST,
LULU, ROST, SWKS, TSLA, AMAT, EXPE, FISV, ILMN, INTC, ISRG, LRCX,
MDLZ, MSFT, ORLY, PAYX, TXN, AMGN, MCHP, NFLX, NXPI, SNPS, UAL, ULTA, WDAY,
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 8
AMGN, MCHP, NFLX, NXPI, SNPS, UAL,
ULTA, WDAY,
Moving Below 30 DMA = 1
ADSK,
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