Friday, September 8, 2017

Stocks Have Nowhere To Go, Set Up For Losing Week

As dull a session as there has been for many months, Thursday's action was muted and indecisive, with stocks trading in very tight ranges.

There's some concern over the coming effects of hurricane Irma, the disaster of the week that has captured the attention of people who are afraid of shadows and dark rooms.

With the media, with help from Florida's Governor, officials from FEMA and other officious morons panicking the entire population of the Sunshine State, the expected destruction had better be significant or stocks will spend Monday of next week making up for lost time and lost profits.

In the meantime, there's ample evidence exhaustion in the equity markets, while significant action in bonds and precious metals with gold and silver scoring large gains on the day and the 10-year note yield plummeting back to levels not seen in ten months, below 2.06%.

All of this points toward a potential bloodbath Friday and the first losing week in the past three for the main indices.

With minutes until the opening bell on Friday, futures are down significantly, with the Dow futures trending lower by some 60 points.

Keep you stops close, this could get ugly.

At The Close, 9/7/17
Dow: 21,784.78, -22.86 (-0.10%)
NASDAQ: 6,397.87, +4.55 (+0.07%)
S&P 500: 2,465.10, -0.44 (-0.02%)
NYSE Composite: 11,879.61, +6.69 (+0.06%)

No comments: