“Risk Off” as Investors Fear Global Growth Slowing
$DIA, $SPY, $QQQ, $VXX
Investors are selling off risky assets from their portfolios because of falling global GDP expectations, driven by China’s slowing growth, and the hotting up US Presidential race.
Friday, global growth worries and a sharp decline in Crude Oil prices sent fear through Wall Street, leading the 3 major US stock indexes lower for the 2nd day running.
The yield on the 10 yr US Treasury Note dove to 1.633%, its lowest since 11 February Friday.
Copper is almost on the 12-month low, signalling that the global economy must be weak and stocks look scary.
Brexit fears and mixed messages from the US Fed’s officials are adding to the risk aversion in financial markets. Britain will vote on a referendum on 23 June to decide whether the country should remain in the European Union.
Friday, the US major stock market indexes finished at: DJIA -119.85 at 17865.34, NAS Comp -64.07 at 4894.55, S&P 500-19.41 at 2096.07
Volume: Trade was light as just 853.3-M/shares exchanged hands on the NYSE
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Bullish (0.27)||Bullish (0.26)||Neutral (0.19)||Bullish (0.38)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Neutral (0.18)||Neutral (0.16)||Neutral (0.10)||Bullish (0.29)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.26)||Very Bullish (0.52)||Neutral (0.10)||Neutral (0.14)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Neutral (-0.22)||Neutral (-0.18)||Bearish (-0.32)||Neutral (-0.17|
Have a terrific weekend.