evening wrap
February 20…)
“You just got fired? I mean, that just screws up my whole idea of good and evil…. and God.” Reality Bites 1994
in the markets today…
Walmart forecast lower-than-expected profit for the full year this morning and S&Ps fell 50 handles in the first half hour. But, prices recovered steadily through the session. Scott Rubin sent out a note with a view the the market might have a correction. He’s one of the brighter sell side writers, and often right. Not always… but often. Good to know.
S&P daily data
By 3 PM prices had fully regained the upper third of the day’s range. So the correction hasn’t come anywhere near the trillionaire monopolies, yet. Buying on the close as usual, added a few ticks to the recovery. NDX fell 100, S&Ps fell 25 and the Dow fell 450.
NDX daily data
Silver was +$0.70 this morning but heavy selling on the Comex opening took March futures down $0.40 cents. Prices steadied for most of the day but faded in the afternoon. March Comex is trading $33.33 as I write, up $0.30.
SLV (next chart) traded above $30/share briefly and dropped to $29.90 as Comex sold off.. later in the day. The Feb 21 call strikes to watch are $30.00 (3.8 mm toz). $29.5 (1.27 mm toz). And $29.00 (8.35 mm toz).
Count back 4 bars in the chart below and you’ll see the action on last Friday’s Feb 7 expiry.
Up next:
Gold, oil, product cracks and the Yen finally stepping up. Digging into some tariff ideas on the Mag 7… who happen to be producing 80% to 90% of their hardware in Asia in the vibe!
