Momentum Monday…Black Monday Was 33 Years Ago Today
Courtesy of Howard Lindzon
Good Monday morning everyone…
I remember Black Monday because my first job after college was at a brokerage firm in Toronto in the ‘wire room’.
I was a casualty of that ‘Black Monday’…the firm was a casualty as well.
Off I went back to graduate school and I wish I had BTFD (bought the f@#kibg dip) that day as the Dow dipped below 2,000!
Today the markets look quite different.
The Dow is over 28,000 and most of the business is electronic.
Onwards….
As Always, Ivanhoff and I tour the markets and check in on momentum. I take a look at some of my stocks that have been acting very well ($mcd, $fslr, $aaxn).
Stocks around the world continue to display risk on characteristics including Japan and Chinese internet stocks.
Low interest rates continue…mortgage rates in Denmark have gone negative.
In the US, people keep spending their money at retail…from home.
Technically, the price action bodes well one year out…interesting data from Ryan Detrick.
Biotech was pointed out technically and it was something I noticed…take a look.
I am finding the time to watch the markets because the election is right around the corner and it feels like the President is in a tweet mode hell bent on keeping the markets firm through the election. The other side of these market tweet bursts has been awful.
Have a great week everyone.
Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. For full disclosures, click here.
