Oct 12, 2018|
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Stock tips stuck with Barry Armstrong and shuts Ghana it's the financial exchange on the financial exchange radio network. Miles inland from Yahoo!. Finance joins us now to get quick market update on where things stand today in what was going on yesterday. Miles thanks for joining us today. I miles so we have this market today opened up about 400 point positive on the Dow about 45 points positive on the S&P. Given back about a third of that to this point. You concerned about and consider any continued selling pressure today at all. Well I think they're direct selling it we've already seen today it notable I mean the way that we. Close the last couple days I certainly Wednesday's quote go out on the lows of the data is not something that traders ever let it be sure that there is to. If you selling pressure that would have happened had the market not closed. And yes exactly a stock that goes about 45 current or. Down a little but then where all began in the vote and I think. I desperately they're watching over the what by the hour by an app our market is open. But I think that you know even is that inability to hold that opening gap higher. It's certainly worried you're greater you know folk who are looking. Try to find a bottom here you know what part about. But looking over the longer term there's other considerations that. Traders coming in that it market right by a treatable bottom are currently docket incurred by the right back in the part that. Miles of talked a little bit this week about the similarity between this dip in the one we saw back in February curious to get your thoughts on similarities and or differences. In those two market movements. You know I think they're more similar than they are different he kind of goes for the Ito that well. In February her side of it's tenure here 3% and back in February. We didn't quite have the president coming out forcefully against the policy of raising interest rate. But the way the market has behaved in collegiate scene like. I get inside the same court we are awaiting the ballot on Wednesday it would celebrated in the afternoon there five or credible explanation. Well why the market sell off but no one of them was going to carry the day. And that we continue to get selling you know the following day and I think. 800 points on the Dow not that's partly about the fourth summit out and it just kind of that being looked at the market structure looking at the way to you know money boot into a market where money out of a market bottom. Pat the words are more depth than ours are it's it seemed like. He's our Apatow are going to be dealing with it in the current structure of the market reach out I think interest rate you don't necessarily have. As many active but it's been in the market we're noticing that on a big debate basement and they ain't gonna come up all warrant. That these. While the volatility is that something we saw out of fourteen it's something we saw. Summer when he bit into the that we are after break it after the election so it's not like it the unique thing in the last five year old run. But I do think it's something that investors should be prepared to be more of I've certainly I think. More a book like this Wendell condolence note but I absolutely. Bill like this that they repeat what we saw it February. Miles this is a market that had pretty narrow leadership at the top throughout much of this year. Tech really being one of the areas that led this market forward why go through the list of other sectors and you go through you say gee you know utilities. Didn't really do much this year consumer staples struggled industrial struggled the energy had been somewhat positive in the last six months the financials weren't great materials were were weakening. What what does it say about where this market goes from here that leadership was so narrow now that leadership has fallen apart. Well I don't think you look at our report about history and we'll open. The informant narrow leaders liked it back he banged name. The X-Factor for the leadership group and had no leadership group the last eighteen months. Our own it darken earning it and it on the outside of that. I think well over the last couple. Where a lot of sparkle one analyst at our dark yet he and percent average small cap stock. But today was down 1% that's obviously not worked over the last couple days there was a lot of weakness out there. We're going to take until those big technical over per unit he had Arlen index level. What happens if you'd done that by and new hobby horse of the pathetic idiot yet that. Well but we have five. Means a bad thing it doesn't necessarily. Mean that the market is more fragile than it otherwise would be. We did a lot of rotation over the last six months with buried leadership group's. That the consumer discretionary outlet for awhile and came back the tax. I think but it lagging it certainly. Something that have been brought up a lot and they went concern for how much higher the market and go. But what you have there are stocks that have. An app. Trillion dollars of market there got in the heat index. But I think a lot like we saw that is in the scene went Saudi average at peace stock up 2530. An index level black. I I think that the eight similar kind of behavior from the market in so far this year you know right now it. It's only up to prepare the year in of them looked at it better it. Are good miles we've got to Rhonda thanks for joining us. Here miles Odland from Yahoo! finance talking about where this market goes from here.