“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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Podcast EP 70 Just Say No to Drugs (Oct 16) 06:34 Share

Not Your Advisor

Shownotes Transcript

Podcast EP 70 Just Say No to Drugs (Oct 16)