Stocks Sink Back Into Red After Saudi Purge

Bonds and Bullion continue to lead after this weekend's 'pre-emptive coup' in Saudi Arabia but stocks have given up their gains and the dollar is sinking once again...

 

Small Caps are under the most pressure for now - perhaps as hope for tax reform fade...

 

As HY credit signals perhaps more pain to come for small caps...

Comments

Keltner Channel Surf Tue, 11/07/2017 - 12:35 Permalink

Yes, my RUT led the charge from the open, but w/ volume bursts, its making a full Daily half-Keltner channel trek by lunch and proximity just above the 50dma, this article could coincide with a bounce, but the key question for trend-setting Russell:  do we end mid-today's range w/ another big lower pin, or head for even lower weekly chart targets, sure to grab more attention from other indices.  (Volume already eclipsed each of prior 3 dull days, still 3.5 hrs left ...)

Keltner Channel Surf Citizen_x Tue, 11/07/2017 - 15:30 Permalink

First 'clasically' decent IWM trading day in awhile.  The silly congresional machinations re: tax reform seem to have hamstrung volatility on many days, as I suspect extraneous players (ie. those not normally trading intraday) are entering, perhaps hedgies, for a year-end pop on tax news, as others say "are you crazy?" and immediately sell the rips.  As this involves trusting Congress, one wonders why days like these aren't more numerous. Godspeed to you and our other RUT-ty friends.

In reply to by Citizen_x

nsurf9 Tue, 11/07/2017 - 12:25 Permalink

No worries - gotta be a short intermission between Fed debt-creation/stealing/printing RESUMES TO INFINITY AND BEYOND. Oh, what's that - were're past infinity - already? twice?

seattleslewsz Tue, 11/07/2017 - 12:29 Permalink

Nothing to do with Saudi really.  Those of us following shepwave short term trade calls know that the call to go bearish this morning was followed by the move down in stocks.  

Clowns on Acid Tue, 11/07/2017 - 12:59 Permalink

The House of Saud dustup will be used as a good excuse for a 2 or 3% correction in Stalingard and Poorsky Index. A little correction to "prove" that it is really a market and not a Federal Res / ECB, inspired / owned Potemkin village. 

Late onset ADHD Tue, 11/07/2017 - 15:00 Permalink

the econometric models I follow tell a much clearer story of the KSA shit-storm than ANY of the stories here or anywhere else in the 'spin' news...hedge and trade accordingly kids...