During Thursday’s session, markets moved generally sideways for a second day.
Fuel prices are falling, and some lousy earnings had a cooling effect.
The major indexes closed mixed…
- Dow Jones -0.1%
- Nasdaq +0.1%
- S&P 500 +0.1%
- Russell 2000 -1.5%
Several large caps stocks took a beating after disappointing earnings reports. That includes…
- Walmart (WMT) -8%
- Cisco (CSCO) -10%
- Palo Alto (PANW) -5%
Sector Round Up
7 of the 11 sectors posted gains on Thursday. The magnitude of the loser outpaced that of the winners.
However, two of the three risk-on sectors closed near the top…
- Utilities (XLU) +0.5%
- Technology (XLK) +0.5%
- Communications (XLC) +0.4%
At the bottom…
- Consumer discretionary (XLY) -1.0%
- Consumer Staples (XLP) -1.2%
- Energy (XLE) -2.0%
There’s still no fear in the market…
Although a short-term pullback is warranted, based on RSI levels.
Your latest readout…
Today is November options expiration. That could add volatility, especially near the close.
Bulls are getting louder …. The Wall Street Journal suggested the “Stage [is] Set for a Year-End Rally.”
Here’s how they made the case…
- Generally strong corporate earnings
- Improving inflation data
- Solid consumer spending
- “Soft Landing” in sight
- A year-end rally is the “usual”
We couldn’t agree more.
*DRCT resistance at $5.50
*ATGL on watch
*SHOT on watch
*MYO is on watch
TOI support at $2.20, resistance at $2.50
^WRAP support at 2.75, resistance at $3
RYTM support at $32, resistance at $34
ALKT support at $22
Seconard watchlist—float about 100 million
NMRK support at $7.50
KD support at $18