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Dow Falls 700 Points During Shortened Christmas Eve Session 12/26/2018
Danielle Shay discusses the continued stock market decline on Yahoo Finance, The Final Hour with Seana Smith, after the Plunge Protection Team was called in late Sunday evening. Will the comments by Treasury Secretary Mnuchin be a catalyst to bring the market higher? Danielle doesn’t think so, calling it a weak attempt to assuage investor confidence that actually had the opposite effect. The S&Ps entered bear market territory and experienced their worst Christmas Eve ever. Now what?
Dow Falls 700 Points During Shortened Christmas Eve Session
Danielle Shay discusses the continued stock market decline on Yahoo Finance, The Final Hour with Seana Smith, after the Plunge Protection Team was called in late Sunday evening. Will the comments by Treasury Secretary Mnuchin be a catalyst to bring the market higher? Danielle doesn’t think so, calling it a weak attempt to assuage investor confidence that actually had the opposite effect. The S&Ps entered bear market territory and experienced their worst Christmas Eve ever. Now what?
So Far, Santa is Only Bringing Gifts to the Shorts
After a weekend of bad news, especially the Plunge Protection Team being called in, traders were just waiting for the market to open to continue dumping longs. Even relative strength players, such as MSFT, and CSCO are getting hammered. I don’t see any buyers coming into this market anywhere, with all 11 sectors in the S&Ps taking hits. I’m watching particularly IYT, XLI and XLF for signs of a reversal off of the lows, but thus far — all I see is selling and I’m riding the wave to the downside via FB, NFLX, AMZN and SPY.
Staying on the Right Side of the Trend
The dollar, bond, gold, and yen buys are continuing to play out … as they should in this D stage of the economic cycle.
Key Levels to Watch for the Next Run Higher
The Infamous Santa Rally
Will Santa Appear This Year? While Danielle remains bearish this market on a swing basis, she is looking at a possible Santa Rally due to the overall market being so extended to the downside, with a combination of it being oversold with a high put/call ratio. Here is what she is looking at — however, remember, NO TRIGGER, NO TRADE! We never buy ‘just because’ of a seasonal trade, we must combine it with technical triggers, and we haven’t gotten any of those — yet.
When Does the Slaughtering End?
Due to the overall weakness in this market, especially seen across all sectors, I remain bearish the market. So far, I haven’t seen signs of the selling stopping but I recognize the oversold condition plus high $PCALL ratio that I discussed in the free video. Let’s look at deeper targets on AMZN, FB, NFLX, and AAPL, as well as BA, XLP, XLK, XLC and the KWEB.