evening wrap
market vibes
October 31 … )
After the bell
INTC posted a beat of 13.28B vs 13.02 rallied 15%. AMZN met the mid of expectation but popped 7% on a better outlook. AAPL had good numbers overall but China was weak the stock is down 3% today.
The dam burst today. Risk assets packed up and left building including gold which had done its job manfully calling BS on everything from the .50 cut last September to a never-ending stairway to equity heaven. The road to hell as they say is paved with greed.
The Yen rallied as stocks fell lending some credence to the idea NDX darlings were paid for with Yen swaps.
NDX futures fell on rising volume. Note* preliminary OI this morning was much higher than actual posted data. Still, prices fell with authority for a number of reasons, primarily disappointing earnings and political uncertainty. MSFT fell 6% today in the biggest one day drop in 2 years.
The key stock index numbers to watch are the lows for October of 19,818 in NDX and 5725.25 in S & Ps. Closes beow these level will put an entire month of length in debit, most of it at all time highs.
The bond market was weak early on warm data but rallied as stocks fell throughout the session. Growth in open interest is relentless.
What about gold and other metals, oil and other markets? Let’s keep going…
