SHORT MARKET NOTES
By Gary Kaltbaum- October 19,2018
In a sea of red, in a market where the average stock is so much worse than the major indices, in a market where a laundry list of industries are at or near new yearly lows, in a market where Netflix gaps up 30 points on great numbers and gives it all back in a day…we’ll end the week on what is not necessarily good news but for bulls clinging to hope, some good news.
The good news is that the BIG 4, the DOW, S&P, NASDAQ and NASDAQ 100 are still holding the longer term support/200 day moving average. Of course, a break below and look out. But for now, still holding.
And one more bit of maybe good news. THE WHITE HOUSE IS WATCHING THE MARKET. For the umpteenth time in past weeks, whenever markets look to be in trouble,we get another timed announcement of a meeting with China…the latest one this morning. We thank the White House for watching and this timely information but eventually, markets will ignore…and if the market wants to go lower, these bumps off the news just gives the institutions higher prices to sell into.
Lots of earnings to deal with. Hope to not see more of Netflix, Snap On or United Rentals.
Curious, sir, why lump NFLX with URI and SNA? Latter two have clearly broken down while Netflix is trading sideway but staying above its upwardly sloping 200 M.A.