Portfolio Return as of 08/12/22:
2020: 25.65%
2021: 29.15%
YTD: 6.2%

Tuesday, March 5, 2019

Wall Street Wrap: Still a wait and see

Sell the News. Stocks popped 0.5% at the 9:30 a.m. opening bell yesterday (March 4), but it was downhill from there. By 1 p.m., the Dow Jones Industrial Average was off 1.6%. The Dow rebounded to close down 0.8%, but that was still the largest decline since Feb. 7. 

We've been following the QQQ which tracks the NASDAQ, and still really don't have any confirmation one way or another. Investor's Business Daily uses a Daily Pulse indicator for market direction. It's currently at "confirmed uptrend," but the paper also tracks distribution days, which are down days on heavier-than-average volume. There are four on the S&P and three on the NASDAQ. Four or more indicates caution.

"The Nasdaq and S&P 500 held above their 50-day moving averages. The Nasdaq 100-tracking Invesco QQQ Trust (QQQ) actually rose a fraction. Those are reasons to remain invested in stocks, but also to be guarded in the coming days," according to the March 4th issue.

Futures this morning at 7:30 am CST were mostly unchanged from yesterday's close.





No comments:

Post a Comment

Thanks for the comment. Will get back to you as soon as convenient, if necessary.

Inflation Reduction Act: Will Never Reduce Inflation

Joe Biden signed into law the horrific Inflation Acceleration Act – which, as you know, increases government taxes and spending by roughly A...