The closing selloffs are happening like clockwork, and yesterday, it was particularly abrupt accompanied with a big spike in volume.

Interestingly, three sectors were higher (two traditional havens).

Amazon (AMZN)

Shares are higher, but not erupting, and that is somewhat disturbing.  It was a fantastic earnings report with solid guidance.

Ad revenue surged to $12.1 billion, helping to lift the profit margin significantly higher.

This morning PCE came  just about as expected.

Personal Income and Spending

Income was less than expected and spending was decidedly higher than the consensus.  Savings continue to plunge, and now sit at 3.4%, well below the historical average. 

Watching the Magnificent Seven after their worst two-day plunge since 2022.

And there are signs the TLT could bounce from a short-term oversold condition.

By the way, according to Ryan Dietrich at Carson Group, October 28 is historically the best day of the year for the stock market.  Couldn’t it have come sooner.

 

Comments

Oct 28 will be good this year, too, since the market will be CLOSED! Chuck Lucente on 10/27/2023 10:35:17 AM

Nice work Charles! Need to sit back and relax! It's beyond our control! Time should be on our side. on 10/27/2023 12:44:09 PM

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