Tough day yesterday. Hey…markets do go down. It is just one day but there was subtle distribution in past couple of weeks.
First off, we love corrections because it is easiest to isolate strength in corrections. But of course, no one likes markets going down.
The best guess is we have some price and time before market can resume its uptrend. Not a big deal but we must watch if it worsens. We will watch the 50 day average for the major indices. We will watch the leading growth names. We will watch to see how many names break support and how many just sit. There is no way of taking one day and think the end of the world is at hand.
BYND actually does their secondary $36 below market price. Not sure we have seen something like this before. You know what we think of that valuation.
Still plenty of strong reactions to earnings. Just today BAND, FIVN, SPWR, SHOW, W. Yesterday…CDW, ENPH, PAYC and others like CMG, CRWD, GOOGL, RNG, SNAP, SBUX, TWTR.
We will have our review of the debates tonight or tomorrow.