Shownotes Transcript
“CVS, Walgreens and Rite Aid are closing thousands of stores. Here’s why”
https://www.cnn.com/2023/10/16/business/drug-stores-closing-rite-aid-cvs-walgreens/index.html
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Show Notes
Summary of the day
As I have stated we have a date with the 50 day MA sooner or later this week
Rite Aid has filed for Chapter 11 bankruptcy)
Strong rally across the board from 10am through the afternoon. The hopes of a positive resolution to the conflict in Israel and potential cease fire in exchange for hostages.
At 2pm breadth was negative despite the rally. 87 new highs vs 286 new lows.
Some charts
Equal weight S&P about to trigger bearish ma cross
AAPL struggling with the 50 day
2:12pm 10 yr still too bullish
Next fart launches $VIX
$ITB looks like it will fall into the abyss
I still see oil above $110
Breadth
96 new highs
321 new lows
69% advancing 26% declining
75% below 50 day ma
67% below the 200 day ma
Stuck out
Yields were green. $TNX up 1.75%
Strong
Every sector was green
Weak
Volatility down 10.9% giving up a lot of the gains from Friday
What to watch
Watch mag 7
Watch yields
Economic data
https://www.marketwatch.com/economy-politics/calendar)
Earning
s
Financial Freedom is not free, but the pursuit is worth the treasure.
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