10/23/23 How Low Can We Go?


Friday was another day dominated by sellers.

Uncertainty surrounding the Isreal-Hamas conflict and rising bond rates remain the stand-out reasons.

Gaza Market after Israeli Bombing from AP

The indexes all posted a second day of significant losses…

  • Dow Jones -0.9%
  • Nasdaq -1.5% 
  • S&P 500 –1.3%
  • Russell 2000 -1.3%

Sector Round Up

All of the 11 sectors ended Friday’s session lower—a repeat from Thursday.

Falling the least…

  • Consumer Staples (XLP) -0.4%
  • Healthcare (XLV) -0.4%
  • Real Estate (XLRE) -0.5%

At the bottom…

  • Consumer Discretionary (XLY) -1.6%
  • Energy (XLE) -1.7%
  • Technology (XLK) -1.7%


The Russell 2000 fell to 52-week lows over the past two trading sessions. But oversold conditions are lurking around the corner…

RUT Daily Candles – Chart by thinkorswim

There is still some seasonal weakness to get through. Historically, October sell-offs are the best time to buy.

A retest of these levels in November will force us to reevaluate.

For now, we remain buyers.

Your latest readout…


This week, earnings season shifts into high gear. 

Here are the hottest names we’ll be watching…

  • Microsoft (MSFT) Tuesday PM
  • Alphabet (GOOG, GOOGL) Tuesday PM
  • Meta (META) Wednesday PM
  • Amazon (AMZN) Thursday PM


*Low Float
^Open Position

*EPIX on watch
METC support at $11
EPAC support at $28
PGTI support at $30
MREO support at $1.80, resistance at $2

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