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12 Nov 2020

HAD TO PLAY HOLIDAY SHOW TONIGHT BUT HERE IS MARKET WRAP.

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Post by MoneyRadio Staff

Crappy day until Powell pushed buttons into the close. (not sarcasm) He is so obvious. Happens all the time. But when we scan, we ignore all noise.

NASDAQ was trying to hold up but overall weakness took it down. It is bouncing in after hours as dead and buried CSCO is up almost $3. AMAT is up a wee bit. ADSK up nicely on raised numbers. DIS up $4 and change on much less of a loss than expected.

A/D NYSE 961-2883

A/D NASDAQ 1083-2347

Of note:

PDD gaps up on strong numbers.

Chinese electric car stuff really on the move: XPEV, LI, NIO. All lose money.

About the only thing that was green was a bounce in gold/silver. Everything else was in pullback mode.

We want to make note that RH had a beautiful clean breakout…hits $440…closes at $394 as it tucks its head in like a frightened turtle. Not a good thing. We would like to see some successful moves.

The big worry is again the virus as the numbers are spiking not just here but around the globe. Certain areas of the U.S. are putting back restrictions in place. We also heard from a Biden advisor that the country should have another lock down of up to 6 weeks. Not sure the market was thrilled with that. Because of this, all the areas that gapped up hard on Monday, came in today.

We suspect this will continue to be the most news-driven market we have ever seen. While it was a less than thrilling day, we are not taking much away from it.