I'm really shocked this market is much lower. Not that it is supposed to be based on all the companies that reported. I would actually say there are some overreactions. But when a blue chip name like Walmart (WMT) dives on news with macro-economic significance, the script says everyone has to hit the exits.
Last week, names that missed rallied 2% instead of diving 2.4%, which had been the norm of the last five years. My thought coming into this week is the market was oversold.
There are lots of stocks that are extremely oversold and names selling off today like Lululemon Athletica (LULU) are going to look like slam dunks when the dust settles. But when does that happen? It's the big question with lots of variables, including the Fed.
Enduring the pain, and seeking opportunities now, however, is the best course of action for your long-term goals unless you can pinpoint the exact bottom of the market.
Lots of big data out today - I will go into details in the morning Hotline.
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