Archives of “September 25, 2019” day

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Overnight :Not a good day on Wall Street as major indices react to potential impeachment proceedings

  
Analysis, US Market
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Nasdaq stocks lead the charge lower

The US major industries are closing lower on the day led by the NASDAQ stocks. Some major stocks like Netflix and Amazon fell sharply.  Today Netflix’s most bullish analyst slashed his price target for the stock from $515-$350. The stock was as high as $380 in July. For Amazon it fell below its 200 day moving average today.
The closing numbers for the major indices are showing:
  • S&P index, -25.18 points or -0.84% at 2966.60
  • NASDAQ index fell -118.83 points or -1.46% at 7993.62
  • Dow fell -142.22 point surmise 0.53 present at 26807.73
Although the indices were off the lows for the day (see % chante ranges for the major indices in North America and Europe below), they are ending nearer the lows for the day.

US 10-year yields near support

  
  Analysis

The drop continues

The drop continues
US 10-year yields bounced from the lows of the year on better signs of a trade deal between the US and China.
Arguably, the trade news has continued to be positive but the bond market isn’t believing it. The 10-year is now threatening the 61.8% retracement of the bounce from the lows at the start of the month.
That’s an ominous signal. Watch 1.60%-1.61% to see if it holds in the next few days. If it gives way, it spells trouble for USD/JPY and other risks trades.

US insider stock selling is at a 20-year high

  
  Analysis
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That’s not a good sign

This is a story that’s doing the rounds, from the FT:
Corporate insiders – typically chief executives, chief financial officers and board members – sold a combined $19bn of stock in their companies through to mid-September, according to data from Smart Insider, a UK-based group
If that pace continues through year-end, it would hit $26 billion and that would be the highest since 2000 (an ominous year, no doubt).
Heavy sellers have been at Estee Lauder, Lululemon and the Walton family (Wal-Mart) who have sold $2.2 billion alone.
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