TODAY’S TOP 10 (OR SO) 5-17-2017

A politically driven stock market drop highlights TTTOS.

  1. Markets tumbled after a potential Comey memo regarding a potential conversation with President Trump was revealed by “sources”.
  2. All the major indices were down by over 1.75%. The Russell 2000 and the NASDAQ were down approximately 2.5%.
  3. This was the worst day for stocks in 8 months.
  4. Oil inventories are near a 5-month low and oil is at a 3-week high.
  5. Today may have been profit taking with some big winners like technology being hit the hardest.
  6. After all, this sell off wasn’t based on fundamentals. It was based on politics. The fear is that Trump’s growth agenda may not happen. This is very premature. However, investors typically sell first and ask questions later.
  7. Banks got hot the hardest, down approximately 4% as a basket.
  8. Transports and financials in general were hit particularly hard as well.
  9. Commodities, bonds, REITs, and utilities were in the green today.
  10. The volatility index jumped by over 40%! This was the biggest 1-day jump since June 2016.
  11. The Eggerss Capital Management fear/greed indicator is now in the fear zone. This doesn’t mean any action is warranted. However, volatility creates long-term opportunities.
Scroll to top