13 October 2016

SP 500 and NDX Futures Daily Charts - Mixed Messages

Stocks took a dive this morning on data showing that Chinese exports fell by 10% year over year in September.

This plays into the notion that the demand from their trading partners, like the US, is slowing.

However, unemployment claims came in lighter than expected, allowing the acolytes of The Recovery® to continue bubbling on.

Financials were also leaders to the downside, as they open their earnings reporting tomorrow, and the CEO of Wells Fargo steps down after the massive fraud scandal.

Stocks pared their losses into the close as you can see from the charts. The bubblers will not be denied.

Have a pleasant evening.