Almost There

Another 90% down day today.  Almost all the volume on the NYSE was down volume.  This is the 2nd time in the past few days.  Last week when I added my short position on, I discussed the fact that a quicker more violent sell off would be better.  We have it.  The market fell for the 6th straight day and we’ve fallen about 800 points on the Dow.  The fear is picking up and now we are on the other end of the pendulum.  Almost all the stocks on the NYSE are trading below their 10-day moving average so I expect a rally will start very soon.  I have no idea what type of rally that’ll be.  We’ll have to monitor it when it comes.  For now, the negative news of retail sales combined with low volume and profits to take from the previous rally has led to a bad few days here.  Markets don’t go straight down so we’ll have the reprieve soon.

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KARL’S TWITTER (www.twitter.com/karleggerss)

  • Steady decline in the ADV/DEC all day on the #NYSE. 2 hours ago
  • Earlier this month, the odds of a December Fed hike were at 20%. Today, 63.8%. 1 day ago
  • Rate hike odds for rest of year according to Fed Funds futures: 11/1/2017: 2.8% 12/13/2017: 63.8% 1 day ago
  • Big beat by Philly Fed manufacturing index. 1 day ago
  • Initial jobless claims: 259k vs. 300k est. 1 day ago
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