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It's One Bad Hangover
Over the past few days, the market has felt heavy, to say the least. On an intraday basis the lunchtime liquidations seem to be coming hard and fast, but the technical damage still has been fairly contained.
The market feels as though it's had a ripper of a liquidity fueled run and it's now groggily looking around to see whether macro and corporate fundamentals can really support current equity levels. My crystal ball can't tell you that, but we're undergoing some price action that showcases fear (not panic) and indecision.
In this Episode of IWO Into the Close, we discuss:
- The critical level to watch in the $ES_F
- How $JJC was the canary in the... copper mine
- Some financials with bottoming patterns
- Relative strength plays like $EMC $TIF and $CAVM
- Why oil down is not good for the markets (right now)
- How mom and pop retail are finally feeling some pain
- Individual requests from the stream
You can watch the show here: