March 19, 2024

$50 is the new $5….

The Market:

As expected, volatility continues and $50 point swings are becoming as common as $5 point swings use to be.  We expect volatility to remain high but would not be surprised to see the magnitude of the swing start to temper.

Today was important because after two straight days of gap ups that sold off into the close, today managed to hold and extend on the gap after an intraday pullback.  As we noted in Monday’s write-up,  the market is very short-term oversold and we would expect a bounce so today’s action is not surprising but we will be interested to see how the market reacts going forward to see if this bounce is just a relief rally or if it could have legs.

For now, our opinion is that the market is not in the clear and there will be rougher waters and lower prices ahead.

 

Index & Sector performance 8/26/15

 

Economic Calendar week of 8/24/15

 

Reported EPS 8/26/15 After the Close:

Reporting EPS 8/26/15 After the Close

 

Reporting EPS 8/27/15 Pre-Market:

Reporting EPS 8/27/15 pre-market

 

Analyst Comments:

Upgrades 8/26/15

Downgrades 8/26/15

Initiations 8/26/15

Price Target Changes 8/26/15

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