The Dow Is Dead, Long Live The Dow - Nick Santiago 8-25-20 #104
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Description
1. There was a reshuffling announced in the Dow Jones Industrial Average last night. It looks as if Salesforce.com (CRM) will replace Exxon Mobil (XOM), Amgen (AMGN) will replace Pfizer...
show moreMajor indexes are lower on very light volume. Easy to see them go higher later in the date, but otherwise it’s a backing and filling day.
2. Best Buy (BBY) is selling off after reporting earnings this morning. The earnings were solid, but the chart was already parabolic. This tells us that the stock was priced for perfection and this is a simple sell the news event. This is a perfect reason why you should not trade in front of earnings especially when the stock is parabolic.
3. Yesterday, the financial stocks caught a bid. The $KBE, $JPM, $BAC, $C and other closed nicely higher. For the first time in a long time. Today, they are starting out strong, but it will be important to see if they can hold into the close. Remember, the financials have been laggards for a long time. We shall see if this can start to show some strength and possible leadership.
4. We’ve missed the boat on housing. Still very strong. Waiting for a consolidation. The bus left the station without Nick. Very overbought right now. But financials aren’t and gold and gold miners working off overbought condition. Same with biotechs. Healthcare names pulling back. Look for things on sale.
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Author | Kerry Lutz |
Organization | Kerry Lutz |
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