Original Link | RockwellTrading by Markus Heitkoetter
With the world’s top central bankers in Frankfurt and Republicans scrambling to pass a tax plan, we had another rocky trading session today.
And we’re starting to see a theme here…stocks open lower (5 days in a row now), then they spend the rest of the session in an uphill battle trying to get back into positive territory! Today was no different.
After opening lower, stocks continued to drop. The S&P was down over 17 points by 10:00am ET. But about an hour later stocks had erased most of the morning’s losses.
The market then chopped around until another sell-off hit around 1pm ET. This time it was the NASDAQ leading the major indices lower.
Stocks managed to end the day near session highs. But the late day rally wasn’t enough to bring the major indices back into positive territory before the close.
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Here’s where the major indices ended the day:
- The S&P finished 0.2% lower. Down 6 points, the S&P ended at 2,579.
- The DOW ended with a 0.1% loss. Dropping 30 points, the DOW closed at 23,409.
- The NASDAQ was down 0.3%. With a 20 point drop, the NASDAQ finished at 6,738.
Crude Oil (CL) opened lower and continued to drop throughout most of the trading session. Down 1.9%, CL finished at $55.69 a barrel.
Today the slide in General Electric (GE) continued. Down another 6%, GE has lost 13% this week!
Tesla (TSLA) dropped 2.2% today after some bad press. Bloomberg reported that a former employee was axed for complaining to Elon Musk. He also labeled TSLA a “Hotbed for Racist Behavior.” Furthermore, infamous short seller Jim Chanos said he added more to his Tesla short position and expects Elon Musk to step down by 2020.
This afternoon, “13F filings” started coming in. These regulatory filings give a glimpse into positions held by institutional investment managers. The latest filing shows that Warren Buffett cut his stake in IBM (IBM) by 68% last quarter and increased his position in Apple (AAPL).
Looking at the economic calendar we have CPI Data and Retail Sales Data at 8:30am ET followed by Crude Oil Inventories at 10:30am ET. And President Trump plans to make a ‘big announcement’ tomorrow regarding trade.
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