Stocks cut losses after Trump says he has 'alternative' to China trade deal, Dow down 180 points https://www.cnbc.com/2019/05/09/stock-market-us-china-trade-tensions-continue.html
Fake News!!!!!!! j/k Market did get a nice pop from that news. I have a feeling that something is in the works - either another option or punting the meeting to another date.
A Semi-Serious Decline Thu, May 9, 2019 One sector that has been hit especially hard this week has been semiconductors. On top of the escalating trade tensions with China of which the sector is highly exposed, weak commentary from Intel (INTC) hasn't helped. While off its lows of the day, the S&P 500 Semiconductor and Semiconductor Equipment group is still down more than the broader market with a decline of over 1.5% as of the early afternoon. If that weakness holds into the close, it will mark the fourth straight day of 1%+ declines. To put that kind of streak into perspective, since the lows of the financial crisis, there have only been three other four-day stretches where the group showed declines of a similar magnitude and the last time the group had a longer streak was 15 years ago in April 2004! The most recent of the three prior four-day streaks of 1%+ declines was back in August 2015. As far as the semiconductor group's price chart is concerned, the picture isn't any prettier. For now, today's drop has pushed the sector below its 50-DMA for the first time since January. In the process, the group also sliced right through what was potential support at levels that acted as support in the late summer/ early fall of 2018.
this week has been pretty noteworthy as it has been our first major pullback in the market since the xmas eve. massacre. but, i found it interesting that even despite this week's large decline in the indices up to this point, this is still one of the calmest starts to a year since '95, even calmer than 2017 which as you guys might recall was one of the calmest market years we've ever had as the chart below would illustrate. the average pullback to start the first 5 month of a year is -8.5%. we're currently around -2.5% on the pullback up to this point (albeit, it seems like it all came this week ). this can certainly all change in a blink if the china tariffs goes full blown we shall see.
Thought about going long into tomorrow if we are down big today, but we aren’t down enough heading into a binary event today Futures and the Chinese markets will be fun to watch tonight
I may have to stay up tonight and watch futures....I don't think the market volatility is quite over yet
A couple of biotechs down -30% after hours, PBYI and FGEN. It's not like they are pure speculation, each has $200 million sales annually.
The DOW and the SPX green now We aren’t entirely out of the woods just yet since we still don’t know how the Chinese will retaliate, market probably hoping that both sides will work out some kind of a deal soon and the 25% tariffs won’t stay for too long
