top of page
Search
  • Marc Bentin

GE, Canari or Elephant in Room


15.11.2018

There was no miracle yesterday, just a few smoke mirrors regarding a false breakthrough on Brexit and P. Navarro being disavowed on CNBC by L. Kudlow for what he said on Friday regarding the Sino/us trade negotiations status. US stocks (sector performance) erased a blip seen at the opening and subsequently sold off, closing lower for a fifth consecutive day with the S&P500 and the Nasdaq shedding -0.8%. Weakness was most pronounced in banks (-1.9%) due to tensions in credit markets that were the elephant in the room yesterday inflicting the worst damage after GE was sent trading to junk levels. The death cross formation in the Russell small caps index did not help. This is a formation whereby the descending 50d ma crosses the 200dma. With the chart of small caps not engaging, the most serious breakdown came from AAPL with a 2.8% decline. So goes AAPL so goes the US market. AAPL has now, just as did oil earlier this week, entered bear market territory, having lost 20% from the most recent high. News that Germany and Japan had negative growth numbers in Q3 was anticipated...but it did not help. 


4 views0 comments

Recent Posts

See All
bottom of page