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why is the stock market selling off today ?
why is the stock market selling off today ?
Well it finally happened, just as we have been telling our members..... the Dow and S&P post first 1% fall in 5 months as banks tumble, health care reform worries remain
U.S. equities posted their worst day of the year Tuesday as banks faced pressure from falling yields, while investors turned their eyes to a key House vote.
The Dow Jones industrial average fell around 240 points, with Goldman Sachs contributing the lion's share of the losses. The S&P 500 dropped 1.2 percent, with financials falling more than 2.5 percent to lead decliners. The indexes were also posted their first decline of at least 1 percent since October.
The SPDR S&P Bank ETF (KBE) and the Regional Banking ETF (KRE) both fell more than 4.5 percent.
The small-cap Russell 2000 underperfomed, falling around 2 percent.
Retail stocks also took a hit Tuesday, as the SPDR S&P Retail ETF (XRT) dropped nearly 2 percent after Rep. Kevin Brady, the Republicans' chief tax writer in the House, warned border adjustment tax will probably appear in the final tax reform plan.
I keep having people write to me and emailing me saying WE ARE NEVER GOING DOWN AGAIN!....I wonder what these investors are thinking today, they might go to bed a little worried tonight.
Since President Donald Trump's victory last November, expectations for tax reform, deregulation and more government spending have increased dramatically. That said, the Trump administration indicated that health care reform would take place ahead of tax reform.
"If those become bigger fights and everything gets watered down, that could be a disappointment," said Alpine's Spellman.
House Republicans are expected to vote on repealing and replacing the Affordable Care Acton Thursday.
"If we can't get health care reform soon, that doesn't mean we won't get tax reform. It just means it will come later, but the market is not priced in for that. But things are a little tense now it seems.
The Freedom Caucus, a key group of House Republicans, threatened to issue a formal statement of opposition to the Obamacare replacement bill, which would delay the vote, unless the language in the bill changes dramatically.
TIME TO PANIC???
Well, not really, but we must say, the S&P sold off quite hard today! It has investors PANICING, and this is the first DAY down more than 1% in 2017. Brace yourself!!! This is quite interesting, have a look at the chart below.
Stocks were flying high after Trump took office.
Wall Street also focused on the oil market as crude prices briefly rebounded on the possibility of an OPEC supply cut extension.
"If that comes to fruition, that would be a huge plus," said Peter Cardillo, chief market economist at First Standard Financial. "I think the rebalancing in the market is going to take place in the next few months."
Energy is the worst-performing sector this year, falling around 8 percent.
On the data front, fourth-quarter current account figures showed the deficit fell, hitting its lowest level in more than a year, as an increase in the primary income surplus offset a soybean-driven drop in exports.
Will this be the start of something bigger, or is this just a DIP that needs to be bought!? - Source : Cnbc.
Well it finally happened, just as we have been telling our members..... the Dow and S&P post first 1% fall in 5 months as banks tumble, health care reform worries remain
U.S. equities posted their worst day of the year Tuesday as banks faced pressure from falling yields, while investors turned their eyes to a key House vote.
The Dow Jones industrial average fell around 240 points, with Goldman Sachs contributing the lion's share of the losses. The S&P 500 dropped 1.2 percent, with financials falling more than 2.5 percent to lead decliners. The indexes were also posted their first decline of at least 1 percent since October.
The SPDR S&P Bank ETF (KBE) and the Regional Banking ETF (KRE) both fell more than 4.5 percent.
The small-cap Russell 2000 underperfomed, falling around 2 percent.
Retail stocks also took a hit Tuesday, as the SPDR S&P Retail ETF (XRT) dropped nearly 2 percent after Rep. Kevin Brady, the Republicans' chief tax writer in the House, warned border adjustment tax will probably appear in the final tax reform plan.
I keep having people write to me and emailing me saying WE ARE NEVER GOING DOWN AGAIN!....I wonder what these investors are thinking today, they might go to bed a little worried tonight.
Since President Donald Trump's victory last November, expectations for tax reform, deregulation and more government spending have increased dramatically. That said, the Trump administration indicated that health care reform would take place ahead of tax reform.
"If those become bigger fights and everything gets watered down, that could be a disappointment," said Alpine's Spellman.
House Republicans are expected to vote on repealing and replacing the Affordable Care Acton Thursday.
"If we can't get health care reform soon, that doesn't mean we won't get tax reform. It just means it will come later, but the market is not priced in for that. But things are a little tense now it seems.
The Freedom Caucus, a key group of House Republicans, threatened to issue a formal statement of opposition to the Obamacare replacement bill, which would delay the vote, unless the language in the bill changes dramatically.
TIME TO PANIC???
Well, not really, but we must say, the S&P sold off quite hard today! It has investors PANICING, and this is the first DAY down more than 1% in 2017. Brace yourself!!! This is quite interesting, have a look at the chart below.
Stocks were flying high after Trump took office.
Wall Street also focused on the oil market as crude prices briefly rebounded on the possibility of an OPEC supply cut extension.
"If that comes to fruition, that would be a huge plus," said Peter Cardillo, chief market economist at First Standard Financial. "I think the rebalancing in the market is going to take place in the next few months."
Energy is the worst-performing sector this year, falling around 8 percent.
On the data front, fourth-quarter current account figures showed the deficit fell, hitting its lowest level in more than a year, as an increase in the primary income surplus offset a soybean-driven drop in exports.
Will this be the start of something bigger, or is this just a DIP that needs to be bought!? - Source : Cnbc.
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