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Show Notes
Summary of the day
Markets lost a 200 pt move higher over the weekend after the govt agreed on a temp bill to bless us with no shutdown for 45 days. The intraday action provided 4 sikes or fakeouts to the upside. If you watched breadth all day, it would have told you not to go long. They also tried to save the market by bidding the Magnificent 7, but they too closed off their highs.
What would we do without the govt bloat. Thank goodness for their benevolence in finding a stop gap for 45 days…when we can do this all over again
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11am Breadth check
11:15am
Another attempt to buy the mag 7 to boost equitie
VFS 0.00%↑ Where are the regulators
11:30am
There is that 4335 level again. This bounce can’t stick with yields busting up
12:30 lunch break. How we doing? Imagine if mag 7 were not green?
1:15 pm
#Magnificent7 losing steam. Oh boy. If this continues we can have a 300+ down day easy
2pm
You tell me. Does this look like bullish breadth?
Breadth (as of 3:30pm)
48 new highs
793 new lows
18% advancing 79% declining
83% below 50 day ma
Stuck out
Lost the weekend pop on the Govt No-shutdown news
Strong
Relatively speaking, the Magnificent 7 was holding up the market all day
Yields
Volatility
Weak
Russell 2k
What to watch
Watch mag 7
Watch yields
Economic data
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