Hello Everyone,
Quick Notes: As Steve and I have been saying lately, sloppy/choppy market action and we saw that again today. The market started off with a gap up and traded up for the first 1 1/2 hrs of the morning, then proceeded to sell down in an orderly fashion the rest of the day into the close. The SPX lost about -0.55%, the Nasdaq and Big Cap Tech got slammed losing -2%, and the Russell 2000 was once again the weakest losing -2.3% and has lost -6.6% for the week! Compare the weekly loss
in the Russell to the other indexes (which are down -0.6% to -2%), the Russell is MUCH weaker.
Most sectors closed down today with the Energy and Transports the strongest. The weakest sectors this week has been Retail -7.3%, Biotech -4.5%, and Metals and Mining -7.7%.
Bonds have been strong and rates have been falling, but that didn't help the market today. Also High Yield Corporate bonds tried to stage a rally today but gave up nearly all of its morning gains.
Cryto currencies all down today and for the week. The US Dollar has had a strong week up 0.65%.
Nice trade on the TZA short idea from Monday and some of the Short ideas from Steve.
I added VERY few setups tonight, this is not the environment to be aggressive
Matt