Market volatility continues as we await a resolution to the US debt ceiling. Just about any investor you speak with thinks surpassing this hurdle is going to cause a sizable rally the day of and thereafter, ie buying the news. With everyone onboard the bull train, I can’t help but wonder if this is the perfect time to be a contrarian.
Gold today closed at fresh highs, and after-hours Netflix (NFLX) is getting pummeled as the company warned of slower growth in Q3. The stock is down 28 points or 10% to $253.11 as I write this post. Whether or not this affects the market tomorrow remains to seen.
Stay frosty out there.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
