Podcast EP 68 Angels and Demons - Session before Friday the 13th! (Oct 12)
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Hank Paulson has a demonic laugh! Homeboy almost falls off his chair!

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Show Notes

Summary of the day

Selloff after CPI report. Then an attempt to bounce into lunch. Then the 1pm woosh lower.

10:34am

• Equal weight sp500 down $RSP

• Russell 2k down

• Breadth volume nil

• Means Mag 7 are once again holding things up

All things real estate down

1pm Massive selloff

Apparently the culprit to the 1pm selloff was an ugliest 30Y auction in many years, and the market reacted accordingly with yields surging to session highs. The 10Y rose almost 20bps from session lows to 4.70% in seconds

then look at volume breadth at 3:59pm

Breadth

• 96 new highs

• 504 new lows (5x more)

• 18% advancing 77% declining

• 79% below 50 day ma

• 69% below the 200 day ma

Stuck out

The nature of the selloff had conviction

Strong

Volatility

Yields

Weak

All recent IPOs seeking new bag holders like Birkenstock

What to watch

JPM WFC C & BLK all report Fri before the bell

Watch mag 7

Watch yields

Economic data

https://www.marketwatch.com/economy-politics/calendar) 

Financial Freedom is not free, but the pursuit is worth the treasure.

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