The indices are getting spanked today, testing down to the October/November lows again, this time no bounce. Okay, a bit of a bounce but not a big rebound as Thursday.
SP500 -59.71, -2.23%
NASDAQ -212.15, -2.95%
DJ30 -540.56, -2.17%
SP400 -1.96%
RUTX -1.95%
SOX -2.74%
Fed's Bullard says Fed can wait in December, see how the data is, then hike in January if necessary. He cites the narrow yield curve and no reason to hike into an inversion -- as the Fed always does because it 'sees' no recession. No, just creates them. By the way, that last part about 'as the Fed always does' and after is our addition to Bullard's statement.
Despite the losses, many of the quality patterns are holding support so not interested in jettisoning them today though we did dump the chips as their patterns were damaged.
Oil holds a more modest $1.00 gain.
Same old issues, but as long as they hold support in this range we will see if they can bounce, 'they' being the drugs, the Dow-like stocks, and of course even the software stocks as they are for the most part still leading (dumped ADBE as did not like the action).
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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