Another higher open that turns to losses. Much higher open, much larger turn to losses, 700+ on DJ30. The large cap indices are diving lower. As expected, growth is getting hit but small caps are showing very good relative strength -- 0.6% downside is considered very good. A sign of the times.
Stocks are bouncing fairly hard late. DJ30 was off 450 points and is trimming the losses rather rapidly.
SP500 -28.93, -1.09%
NASDAQ -164.22, -2.27%
DJ30 -348.50, -1.35%
SP400 -0.63%
RUTX -0.98% (selling rapidly late)
SOX -1.55%
NASDAQ 100 -2.59%
Stocks hit a high a half hour into trade, tested, then kept sliding. Things became interesting as BA continued to melt down after that crash in India. More so when reports emerged that the Trump administration would hit ALL China goods with tariffs if the meeting between Trump and Xi fails to produce results. Well, you would think it would not be good news if it failed . . .
In any event, those were seized upon as a reason to sell with vigor. Stocks have sold straight down the past 2 hours, just now starting a short covering rebound as the closing bells closes in. Market is selling upside moves, even intraday ones, with aggression.
The move pushes growth into a further bear market and of course there is no sign of a bottom other than the usual bottom sightings each session on financial news stations. VIX is at a whopping 26.78, below its intraday high last week.
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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