Afternoon Note
There are no safe havens in today’s session, but the biggest losers are sending clear messages.
-1.86% |
|
-1.52% | |
-1.46% | |
-0.75% |
|
-3.73% |
|
-1.48% |
|
-1.82% |
|
-2.84% |
|
-2.33% |
|
-0.57% |
|
-2.20% |
|
-0.85% |
Copper
Industrial names are taking it on the chin, as selling accelerates in Caterpillar (CAT) and 3M (MMM). While Caterpillar mentioned higher cost won’t impact products sold overseas, especially in China where the company has 35 factories.
Moreover, the cost should be largely absorbed. A slight dip in margins from the number printed this morning would be fine. The stock is extremely oversold.
Technical Levels
Coming into the session, the big downside test was Dow 25,052, which failed to hold the initial onslaught of selling. The first rebound attempt ran out of steam around 25,020, which established a key support as intraday resistance.
I still think it’s important for that number to hold on a closing basis.
I’m becoming very excited about the opportunities. Price isn’t the reason, although valuations become even more attractive with each of these swoons. But, what’s different now is a feeling of capitulation. Seeing lots of stocks that are down that should be higher is a sign that emotions are probably the greatest risk to the market now. That makes it hard to pick bottoms, but it also makes bottoms short lived.
Comments |
YOU ARE AN ETERNAL OPTIMIST BUT WHEN A PIECE OF GARBAGE LIKE TESLA IS UP 28 POINTS THAT IS INSANITY THE STOCK WILL SUFFER THE SAME FATE AS SEARS LED BY AN EGOIST LAMPERT SIMILAR TO MUSK A CROOK ERNIE REMUS on 10/23/2018 2:04:54 PM |
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