US Stocks on Losing Streak Ahead of Presidential Election

US Stocks on Losing Streak Ahead of Presidential Election

US Stocks on Losing Streak Ahead of Presidential Election

$DIA, $SPY, $QQQ, $VXX

US stocks fell for an 8th day running Thursday 

The US stock market is now on its longest losing streak since the depths of the Y 2008 financial crisis.

The DJIA dropped 28.97 pts, or 0.2%, to 17,930.67.

The Standard & Poor’s 500 index lost 9.28 pts, or 0.4%, to 2,088.66 and

The NAS Comp fell 47.16 pts, or 0.9 percent, to 5,058.41.

With just days left until the Election Donald Trump has significantly narrowed the gap, particularly in swing states. Investors pointed to polls released in the last 2 days from Florida, New Hampshire and North Carolina where the 2 candidates are either statistically tied or Donald Trump leads.

The last time the S&P 500 fell for 8 straight days was early October 2008, the depths of the financial crisis.

The VIX, Wall Street’s “fear gauge,” jumped 16% this week to its highest level since June. The measure is up 36% this week alone.

The price of Crude Oil extended a losing streak into a 5th day. Benchmark WTI Crude Oil slipped 0.68 to 44.66 bbl in New York. Brent Crude, the international standard, fell 0.51 at 46.35 bbl in London.

US government bond prices fell. The yield on the 10-yr T-Note rose to 1.81 from 1.80% a day earlier.

In currency trading, the USD fell to 102.99 Yen from 103.28 Yen, while the EUR edged up to 1.1099 from 1.1096 the day before.

In metals trading, Gold fell 4.90 to 1,303.30 oz, Silver fell 0.28 to 18.41 oz, and Copper fell 0.02 to 2.249 lb

Volume on the NYSE was moderate with 881-M/shares exchanging hands.

HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Neutral (-0.18) Neutral (-0.21) Bearish (-0.44) Neutral (0.12)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bearish (-0.28) Bearish (-0.25) Bearish (-0.42) Neutral (-0.16)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Neutral (-0.19) Bearish (-0.40) Bearish (-0.29) Neutral (0.12)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Neutral (-0.02) Neutral (-0.03) Neutral (0.19) Neutral (-0.21)

Stay tuned…

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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