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My Takeaways and Observations
Originally published Nov. 2 at 4:56 p.m. EDT
"I have no doubt that Anthony Weiner's name is irrefutable proof of the existence of God and that he has a wicked sense of humor!"
-- My Thought of the Day
In Monday's opening missive I warned that market leaders energy and financials could be primed for a fall. They are a fallin' this week.
I am on the Double Top in XLF case this week! iShares Barclays 20+ Yr Treas.Bond ETF (TLT) has now rallied by $2 from Tuesday morning's lows. The 10-year U.S. note just dropped through 1.80% (it was 1.87% when I purchased some 10-year notes for my personal pension plan).
Stocks were lower from flagpole to that's all on Wednesday. At midday they tried to mount a rally, but late in the day it was aborted. SPDR S&P 500 ETF Trust (SPY) closed down by about $1.30 (an hour ago it was down by about half that amount).