Tomorrow we have MBA Mortgage Applications, William Dudley speaks, Atlanta Fed Business Expectations, JOLTS, EIA Petroleum Status Report, 10 Year T-Note Auction and the Treasury Budget.
The Dow is down -1.2%, S&P down -0.95%, and NASDAQ down -1.27%. Can you say Water in the bathtub?
Yesterday the ES was up 26 handles, and today it’s closing down 19 Handles.
China slow down; copper lower, Crude Oil down to 42.70, car sales at 17 month low. I say let em burn!!!
Apple Inc (NASDAQ:AAPL) down 5%.
All looks very bad, right? I don’t think so. The ES goes up, and the ES goes down, but in the end it’s not going anywhere.
The stats are weak this Friday, and good on Monday. That brings me to the PitBull’s Thursday / Friday low the week before expiration.
Talking heads are all saying good stuff about the rally yesterday, and dogging the stock market today.
Can the markets keep going down? Sure, but they wont stay down.
High: 2087.50 Early
Low: 2071.30
Last: 2080.00 Down 19.8 Handles
Volume: 1.55mil minis, and 45k bigs traded in the pit.
MOC: Sell $1.1bil